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Karen plans to deposit $100 in an account at the end of each month for the next five years so she can take a trip.

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Karen plans to deposit $100 in an account at the end of each month for the next five years so she can take a trip. If Karen's opportunity cost is 6% compounded monthly, how much will she have in the account in five years? What is the effective annual rate r(EAR) for an investment that pays 8 percent interest, compounded quarterly

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