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How much will his interest be

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1) Find the effective annual interest rate for the given nominal annual interest rate. Round your answers to the nearest 0.01%. 5% compounded semi-annually.

2) Cooper invests $6,500 in a savings account at his local bank. The bank pays 2.75% annual compound interest. Cooper does not make any additional withdrawals or deposits to this account. How much will his interest be after 12 years?

Reference no: EM132849689

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