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Effective Rate A firm deposits some funds in a special

Chapter 2, Problem 16A

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QUESTION:

Effective Rate A firm deposits some funds in a special account at 6.2% compounded quarterly. What effective rate will they earn?

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QUESTION:

Effective Rate A firm deposits some funds in a special account at 6.2% compounded quarterly. What effective rate will they earn?

ANSWER:

SolutionStep 1 of 2In this problem, we have to find the effective rate of compounded quarterly.________________

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