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Arab Bank offers interest rate of 0.4 on its CD to Mr. Ahmad, a bank...

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Arab Bank offers interest rate of 0.4 on its CD to Mr. Ahmad, a bank client. The client initially invested $1,000 and agreed to have the interest compounded monthly for one full year. What is the effective interest rate? Answer: Arab Bank offers interest rate of 0.4 on its CD to Mr. Ahmad, a bank client. The client initially invested $1,000 and agreed to have the interest compounded monthly for one full year. What is the effective interest rate

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