2. (15 points) You invested $1,000 with a bank today at an annual rate of 12%...
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2. (15 points) You invested $1,000 with a bank today at an annual rate of 12% for 5 years. For the first 3 years, the bank compounded interest annually and for the last two years interest was compounded monthly. What was your effective annual rate at the end of five years? 2. (15 points) You invested $1,000 with a bank today at an annual rate of 12% for 5 years. For the first 3 years, the bank compounded interest annually and for the last two years interest was compounded monthly. What was your effective annual rate at the end of five years?
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