Question: 1 0 . You depout $ 1 0 0 . 0 0 0 into abank acrount at 1 6 % interest rate the bank compounds

10. You depout $100.000 into abank acrount at 16% interest rate the bank compounds the interest, quarterly
a) How much will you have at the end of 3 years?
b) What is the annual effective interest rate?

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