Tom deposited $5000 in a savings account that paid 8% interest compounded quarterly what is the effective

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Tom deposited $5000 in a savings account that paid 8% interest compounded quarterly what is the effective rate of interest

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Principles of Finance

ISBN: 978-1285429649

6th edition

Authors: Scott Besley, Eugene F. Brigham

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Posted Date: Mar 27, 2024 02:20 PM

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Tom deposited $5000 in a savings account that paid 8% interest compounded quarterly what is the effective

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Expert Answer:

You can calculate the effective interest rate using the following formula Effective annual interest ... View the full answer

Principles of Finance

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