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Suppose $1000 is invested in an account and the interest is compounded monthly. Suppose the accumulated amount after five years will be $3000. Then the
Suppose $1000 is invested in an account and the interest is compounded monthly. Suppose the accumulated amount after five years will be $3000. Then the numerical value is correct up to two decimal places) Select one: a. The nominal interest rate is equal to 22% b. The nominal interest rate is equal to 15% O c. The nominal interest rate is equal to 10% O d. None of the other four answers is correct. e. The nominal interest rate is equal to 25%
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