6% effemive RM1000 is invested in a fund for 3 years at 6% simple interest rate for the first interest rate for the second year and 6% nominal interest rate compounded quarterly for the third year, year. Find a. The amount of interest earned in the second year. b. The accumulated value of the investment at the end of the third year.

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.