Question: Question 18 2 pts At time t = 0, John deposits 2000 into a fund which credits interest at a nominal interest rate of 7%

Question 18 2 pts At time t = 0, John deposits

Question 18 2 pts At time t = 0, John deposits 2000 into a fund which credits interest at a nominal interest rate of 7% compounded semiannually. At the same time, he deposits P into a different fund which credits interest at a nominal discount rate of 4.8% compounded monthly. At time t = 24, the amounts in each fund are equal. What is the annual effective interest rate earned on the total deposits, 2000 + P, over the 24-year period? (1.alvi-ix) #08] O 5.88% O 5.65% O 5.71% O 5.77% O 5.83%

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