Jack deposited 500000 into a bank for 6 months at the end, Business Economics

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Jack deposited 500000 into a bank for 6 months at the end

Jack deposited $500,000 into a bank for 6 months. At the end of that time, he withdrew the money and received $525,000. If the bank paid interest based on continuous compounding:

(a) What was the effective annual interest rate?

(b) What was the nominal annual interest rate?

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Business Economics: Jack deposited 500000 into a bank for 6 months at the end

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