A bank proudly announces that it has changed its interest, Business Economics

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A bank proudly announces that it has changed its interest

A bank proudly announces that it has changed its interest computation method to continuous compounding. Now $2000 left in the bank for 9 years will double to $4000.

(a) What nominal interest rate, compounded continuously, is the bank paying?

(b) What effective interest rate is it paying?

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Business Economics: A bank proudly announces that it has changed its interest

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Business Economics: A bank proudly announces that it has changed its interest

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