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A customer David Broke of First National Bank FNB deposits $10000 with FNB for 5 years What is the annualized interest rate that the bank must pay if David Broke’s deposit grows

 A customer, David Broke, of First National Bank (FNB) deposits $10,000 with FNB for 5 years. What is the annualized interest rate that the bank must pay if David Broke’s deposit grows to $12,166.53 at the end of the five-year term? (b) Suppose the bank decides to pay 1.5% interest twice a year, what will be the future value amount that David Broke should receive?

Apr 10 2020 View more View Less

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