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Your friend invested $1,000 3 years ago and received $1,500 today when closing the account. If your friend told you the account had a monthly

Your friend invested $1,000 3 years ago and received $1,500 today when closing the account. If your friend told you the account had a monthly compounding frequency, what was the implied annual rate of return the bank offered? What is the implied annual rate if the compounding is quarterly

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