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A bank pays 1.0% interest on savings account seven times a year. Find the effective annual interest rate. 7.2135% 8.2135% 9.2135% 6.2135%

A bank pays 1.0% interest on savings account seven times a year. Find the effective annual interest rate. 7.2135% 8.2135% 9.2135% 6.2135%

College Algebra
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 21E
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A bank pays 1.0% interest on savings account seven times a year. Find the effective annual interest rate. 7.2135% 8.2135% 9.2135% 6.2135%
Transcribed Image Text:A bank pays 1.0% interest on savings account seven times a year. Find the effective annual interest rate. 7.2135% 8.2135% 9.2135% 6.2135%
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