SOLUTION: Find the effective annual interest rate of an account containing $1500 which is compounded monthly at 7%

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Question 467455: Find the effective annual interest rate of an account containing $1500 which is compounded monthly at 7%
Answer by robertb(5830) About Me  (Show Source):
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%281%2Bi%2Fn%29%5En+-+1+=+%281%2B0.07%2F12%29%5E12+-+1+=+0.07229, or 7.229%.