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What is the effective interest rate for every 3-month period

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Reference no: EM132617116

Many people get ready for retirement by depositing money into a monthly or annual savings plan. $330 per month is deposited in a bank account paying a 18% nominal annual percentage rate (APR) compounded quarterly.

  • What is the effective interest rate for every 3-month period
  • What is the total uniform amount deposited for each 3-month period

Reference no: EM132617116

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