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Find the effective annual rate

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Reference no: EM131873988

A sum of money is left invested for three years. In the first year it earns interest at 10% compounded quarterly and in the second year it earns 6% compounded monthly. At the end of the second year, an investment management fee of 2% is deducted from the investment. In the third year, it earns 8% compounded annually. Find the effective annual rate earned by the investment.

Reference no: EM131873988

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