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Jaffa invested $600 into an RRSP that earned interest at 4.5% compounded monthly for four years. (a) Find the balance of the account at the
Jaffa invested $600 into an RRSP that earned interest at 4.5% compounded monthly for four years. (a) Find the balance of the account at the end of the period. (b) How much interest is eamed? (c) What is the effective rate of interest? (a) The balance of the account at the end of the period is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The amount of interest earned is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (c) The effective rate of interest is % (Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as needed.)
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