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What is the effective annual rate for interest

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Problem 1: What is the future value of $12,500 after seventeen years under 6.50% annual interest, with daily compounding? Assume a 365-day year and do not do any interim rounding.

Problem 2: What is the effective annual rate for 6.50% (APR) interest with daily compounding?

Problem 3: Will the effective annual rate ever be equal to the simple (quoted) rate? Explain

Reference no: EM132943190

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