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Show steps in how to arrive at daily rate of return for the following question: If a bank savings account with $5,000 will be worth
Show steps in how to arrive at daily rate of return for the following question:
If a bank savings account with $5,000 will be worth $5,500 in 13 years, and if the interest rate is constant, what is the interest rate quote that the bank would post in its window? (Assume 365 days/year.)
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