Question: An saving account uses a nominal interest rate k compounded monthly for the first two years, uses a simple interest rate 8% for the next

An saving account uses a nominal interest rate k compounded monthly for the first two years, uses a simple interest rate 8% for the next three years and uses a nominal discount rate 5.5% compounded quarterly for the following two years. If the average annual effective interest rate of the account over the 7-year period is 7%, find k.

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