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Nominal annual interest rate

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Reference no: EM131257871

Suppose $1000 is invested at a nominal annual interest rate of 3%. What is the balance after 4 years

(a) Assuming monthly compounding? (Give a formula with numbers plugged in, then use a calculator.)

(b) Assuming continuous compounding? (Give a formula with numbers plugged in, then use a calculator.)

(c) Assuming simple interest?

Reference no: EM131257871

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