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Question 16 (4 points) Seven years ago, Matthew deposited $80,000 into an investment account. The account earned interest at 7% compounded monthly for the first

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Question 16 (4 points) Seven years ago, Matthew deposited $80,000 into an investment account. The account earned interest at 7% compounded monthly for the first 312 years. What nominal rate of interest, compounded quarterly, must Matthew earn in order to end up with $111,000 today? (% 2 decimals)

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