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Suppose that there is an ideal money market with constant effective rate R. A customer calls the bank and asks: If I deposit $1,000

Suppose that there is an ideal money market with constant effective rate R. A customer calls the bank and asks: "If I deposit $1,000 today, deposit an additional $2,000 6 months from today, and make no other deposits or withdrawals, what will my account balance be two years from today?" The bank answers $3215.65. Determine R.

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