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Please explain how to work it out, thanks! 2. Find the accumulated value of $1,000 invested for 8 years, if the annual compound interest rate

image text in transcribedPlease explain how to work it out, thanks!
2. Find the accumulated value of $1,000 invested for 8 years, if the annual compound interest rate is 5% for the first 5 years and 8% per year for the last 3 years. Which constant annual effective rate of compound interest would have given the same final accumulation? Write your interest rate answer in percentage, accurate to 2 decimal places

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