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Use effective interest rate or Effective Annual Interest Rate $800 payments are made quarterly, with an interest rate of 3.5% per year a. If the

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Use effective interest rate or Effective Annual Interest Rate
$800 payments are made quarterly, with an interest rate of 3.5% per year a. If the interest is compounded annually: - What is the balance after 10 years? - What is the balance after 10.5 years? b. If the interest is compounded quarterly: - What is the balance after 10 years? What is the balance after 10.5 years

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