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

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

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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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