A client wants to save $ 20,000 for a year starting from January at an initial effective
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A client wants to save $ 20,000 for a year starting from January at an initial effective rate of 1.75%, every three months the effective rate increases 0.75% and every two months he plans to save $ 2,000 to. Calculate the annual average TNA.
b. How much interest is he going to receive for each month?
Expert Answer:
Answer rating: 100% (QA)
Step A The TNA is the average interest rate earned for periodical depos... View the full answer
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