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Kathy wants to accumulate a sum of money at the end of 10 years to buy a house. In order to accomplish this goal, she
Kathy wants to accumulate a sum of money at the end of 10 years to buy a house. In order to accomplish this goal, she can deposit 80 per month at the beginning of the month for the next ten years or 81 per month at the end of the month for the next ten years. Calculate the annual effective rate of interest earned by Kathy.
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