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Problem 5-51 Effective Interest Rate (LO4) You invest $1,000 at a 6% annual interest rate, stated as an APR. Interest is compounded monthly. How much

Problem 5-51 Effective Interest Rate (LO4) You invest $1,000 at a 6% annual interest rate, stated as an APR. Interest is compounded monthly. How much will you have in 1 year? In 1.5 years? (Do not round intermediate calculations. Round your answers to 2 decimal places.) 1 year 1.5 years

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