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Question

**For each investment situation, identify (a) the annual interest rate, (b) the length of the investment in years, ( c ) the periodic interest rate, and (d) the number of periods of the investment.**

$9 \%$ compounded monthly for $5$ years

Solution

VerifiedAnswered 1 year ago

Answered 1 year ago

Step 1

1 of 4**(a)**
Based on the given investment situation, the annual interest rate is equal to $9\%$.

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