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James Benson borrowed GH15,000 from a bank for four years. If interest rate charged by the bank is 20%, how much will be paid by

James Benson borrowed GH15,000 from a bank for four years. If interest rate charged by the bank is 20%, how much will be paid by James at the end of the period if it is compounded continuously? (2 Marks)

Vi) What is the effective interest rate if you deposit $100 at a bank today and earn interest at the rate of 10% compounded quarterly?

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