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Unformatted text preview: today in an account that compounds interest continuously with an interest rate of 11%? 3. Samuel puts $150 in a savings account and forgets about it for 10 years. When he nally checks his balance the account has $450 in it. If the bank compounded interest quarterly, (a) What was the interest rate on the account? (b) What was the eective interest rate (APY)?...
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This note was uploaded on 12/27/2011 for the course MAC 1114 taught by Professor Gentimis during the Spring '11 term at University of Florida.
 Spring '11
 Gentimis
 Trigonometry, Approximation

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