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QUEStiOI'I 9.12 Max has $100,000 to invest. The ABC bank is offering a 1- year term deposits which pays simple annual interest of 8%. Interest

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QUEStiOI'I 9.12 Max has $100,000 to invest. The ABC bank is offering a 1- year term deposits which pays simple annual interest of 8%. Interest is compounded monthly. a) What is the effective rate of interest? b) How much will Max have in his account at the end of one year, assuming he makes no withdrawals

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