Find the effective interest rate for quarter

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Reference no: EM131182513

An annuity pays $100 at the end of each quarter for ten years. The payments are made directl to a savings account with a nominal interest rate of 4.85% payable monthly, and they are left in the account

a) find the effective interest rate for a quarter and use it to compute the balance in the savings account immediately after the last payment

Reference no: EM131182513

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