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Problem 1 Arianne deposits her bonus of $5,000 in a savings account. 6 Marks a) Assuming the deposit earned a 9% rate of interest compounded

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Problem 1 Arianne deposits her bonus of $5,000 in a savings account. 6 Marks a) Assuming the deposit earned a 9% rate of interest compounded quarterly, how much would she have at the end of five years? b) Compute the effective annual rate on this account. 4 Marks 2 Marks

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