1 an investment account is advertised as offering an, Basic Statistics

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1 an investment account is advertised as offering an

1. An investment account is advertised as offering an interest rate of 15% p.a. compounded monthly.

(a) Find the effective interest rate per annum.

(b) Use the Excel function EFFECT to find the effective rate.

2. The interest rate for an investment is 9% per annum compounded quarterly.

(a) What is the effective interest rate per annum?

(b) Use the Excel function EFFECT to find the effective rate.

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