A bank will return 4500 on a 10-year certificate of deposit, Financial Management

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A bank will return 4500 on a 10-year certificate of deposit

1. A bank will return $4500 on a 10-year certificate of deposit that originally cost $125. What interest rate, compounded annually, is the bank paying?

2. Determine the effective interest rate corresponding to 4.75% per year, compounded continuously.

3. What is the effective annual interest rate if the nominal interest rate is 13%, compounded monthly?

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Financial Management: A bank will return 4500 on a 10-year certificate of deposit

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Financial Management: A bank will return 4500 on a 10-year certificate of deposit

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