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What nominal rate compounded quarterly is equivalent

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Question - With your 13th month pay of 25,000, you plan to buy a new laptop that costs exactly 25,000, but you have decided to invest the whole amount in an account that pays 4% compounded monthly. After 1 year, what is the compounded amount? What nominal rate compounded quarterly is equivalent to 13 compounded bimonthly?

Reference no: EM132883536

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