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Effective Rates of Interest A bank advertises that it pays interest on saving accounts

Finite Mathematics, Binder Ready Version: An Applied Approach | 11th Edition | ISBN: 9780470876398 | Authors: Michael Sullivan ISBN: 9780470876398 408

Solution for problem 70 Chapter 6.2

Finite Mathematics, Binder Ready Version: An Applied Approach | 11th Edition

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Finite Mathematics, Binder Ready Version: An Applied Approach | 11th Edition | ISBN: 9780470876398 | Authors: Michael Sullivan

Finite Mathematics, Binder Ready Version: An Applied Approach | 11th Edition

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Problem 70

Effective Rates of Interest A bank advertises that it pays interest on saving accounts at the rate of 2.25% compounded daily. (a) Find the effective rate if the bank uses 360 days in determining the daily rate. (b) What is the effective rate if 365 days are used?

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7/26/2017 OneNote Online 2.3 Monday, September 1, 2014 9:56 PM https://onedrive.live.com/view.aspxref=button&Bsrc=SMIT&resid=36773184373A8F0B!2562&cid=36773184373a8f0b&app=OneNote&authkey=Avz_e_hLmB4xJLw...

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Chapter 6.2, Problem 70 is Solved
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Textbook: Finite Mathematics, Binder Ready Version: An Applied Approach
Edition: 11
Author: Michael Sullivan
ISBN: 9780470876398

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Effective Rates of Interest A bank advertises that it pays interest on saving accounts

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