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Mr. X deposited $1,500 in a savings account at the local bank and went on assignment overseas. After two years, he returned and noticed he had $1,800 in his account. What annual effective rates of interest had the bank given him if they compounded the interest quarterly? What if they compounded annually?

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M92738836

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