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An annuity pays $250 at the end of each semi-annual period for 10 years. The payments...

An annuity pays $250 at the end of each semi-annual period for 10 years. The payments are made directly into a savings account with a nominal interest of 4.85% payable monthly, and they are left in the account. Find the effective interest rate for the semi-annual period and use it to calculate the balance immediately after the last payment.

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ekkarill92 answered 2 years ago
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