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Determine the amount of money the borrower will get

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A loan of $30,000 has to be repaid at the end of 6 years from now. The borrower plans to deposit $3,000 at the end of each year into a bank account that pays interest at 15% compounding monthly. If there is no withdrawal, find:

Question (a) the amount of money the borrower will get from this bank account at the end of 6 years is?

Question (b) the effective annual rate is?

Reference no: EM132594768

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