A bank claimed that $1000 deposit in its saving account will become $3000 in 5 years. What

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A bank claimed that $1000 deposit in its saving account will become $3000 in 5 years. What is the annual effective interest rate? (The bank compounds monthly)

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Principles of Finance

ISBN: 978-1285429649

6th edition

Authors: Scott Besley, Eugene F. Brigham

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Posted Date: May 25, 2023 03:14 AM

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A bank claimed that $1000 deposit in its saving account will become $3000 in 5 years. What

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Principles of Finance

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