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Using annual, semi annual, and quarterly compounding periods for each of the following, (1) calculate the future value if $5000 is deposited initially and (2)
Using annual, semi annual, and quarterly compounding periods for each of the following, (1) calculate the future value if $5000 is deposited initially and (2) determine the effective annual rate.
a. At 12% annual interest for 5 years
b. At 16% annual interest for 6 years
c. At 20% annual interest for 10 years
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