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(o) What is the annual effective interest rate (effective interest rate per year (b) What is the annual effective interest rate (effective interest rate per

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(o) What is the annual effective interest rate (effective interest rate per year (b) What is the annual effective interest rate (effective interest rate per year)? A man is planning to retire in 20 years. He wishes to deposit a regular amount every three months until he retires, so that, beginning one year following his retirement, he will receive annual payments of $60,000 for the next 18 years. How much must he deposit if the interest rate is 6% compounded monthly? (25 points) 2

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