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You lend your friend $2500 and would like to evaluate the investment. You guys agree on an interest rate of 8% per year. Calculate the principal (future value) after 15 years if interest is compounded (a) annually, (b) quarterly, (c) monthly, and (d) daily. For all cases, calculate the effective interest rate (assume there are no payments made during these 15 years).

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Financial Management, Finance

Category:- Financial Management
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