A friend tells you she has saved for 7 years and has a present sum of $10,000,
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A friend tells you she has saved for 7 years and has a present sum of $10,000, which earned at the rate of 8% per year, compounded quarterly.
(a) Determine the equivalent amount she had to start with 7 years ago.
(b) Write the EFFECT function to find the effective rate per year.
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