keven4114 keven4114
  • 25-11-2022
  • Business
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An annuity pays $100 at the end of each quarter for ten years. The payments are made directly to a savings account with a nominal interest rate of4.85% payable monthly. The payments are left in the account. Find the effective interest rate for a quarter and use it to compute the balance in the savings account immediately after the last payment.

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