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Q4 A bank pays j4=10 per annum on its savings account. At the end of every two years, a 2% bonus is paid on the

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Q4 A bank pays j4=10 per annum on its savings account. At the end of every two years, a 2% bonus is paid on the balance at that time. Find the annual effective rate of interest earned by the investor if the deposit is withdrawn in 3 years. (3)

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