Question: 3-46 A bank is offering to sell 6 month certificates of deposit for $9500. At the end of 6 months, the bank will pay $10,000

3-46 A bank is offering to sell 6 month certificates of deposit for $9500. At the end of 6 months, the bank will pay $10,000 to the certificate owner. Based on a 6-month interest period, compute the nominal annual interest rate and the effective annual interest rate.

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