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(5) You have $130,000 today and want to deposit it into a saving account at Houston Cougar Bank. The clerk at the bank says if you make a deposit today, then your balance in 6 years will be $190,000. Assume the bank computes the interest rate compounded monthly. What is the interest rate per month offered by the bank? (Hint : This is similar to, fundamentally the same as, the question (2).) 1.0.4090 2. 0.43% 3. 0.47% 4. 0.50% 5.0.53%
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