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21-05-2024
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Before deciding to deposit her money at the credit union, Olivia checked the interest rates at her local bank as well. The bank was paying a nominal interest rate of 9.4% compounded quarterly. If Olivia had deposited $800 at her local bank, how much would she have had in her account after five years?
a. $877.89
b. $175.20
c. $1,273.05
d. $130.92

Answer :

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