Question: 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

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?

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