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    Exam 3: Time Value of Money: The Universal Tool
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    What Is the Effective Interest Rate on a Bank Savings
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What Is the Effective Interest Rate on a Bank Savings

Question 32

Question 32

Multiple Choice

What is the effective interest rate on a bank savings account which pays six percent, compounded semi-annually?


A) 6.03%
B) 6.09%
C) 6%
D) 6.14%
E) None of the above

Correct Answer:

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