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Theory of interest 1 Fernando deposits 300 into a savings account today, 400 in three months, 700 in six months and 1000 in nine months.

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Theory of interest

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1 Fernando deposits 300 into a savings account today, 400 in three months, 700 in six months and 1000 in nine months. He closes the account in twelve months by withdrawing the total accumulated value of 2449.67. Calculate the annual effective interest rate Fernando earned for the year

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