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You purchased a 6-month certificate of deposit for $42,000 on June 1, 2020. You received $43,000 at maturity. What was your effective annual rate? a.

You purchased a 6-month certificate of deposit for $42,000 on June 1, 2020. You received $43,000 at maturity. What was your effective annual rate?

a. 2.38%

b. 9.87%

c. 2.48%

d. 4.82%

show formula and all work in excel

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