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What is the effective annual interest rate payable

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Problem - On your 18th birthday you receive a $10,000 present from your late grandfather. You put the money into an account paying 8% p.a. (compounded quarterly).

Required -

1. What is the effective annual interest rate payable on this account?

2. How much will be in the account on your 65th birthday?

Reference no: EM132971368

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