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Suppose the total interest of a 5-year deposit of $60,000 is $8000. Assuming interest is...

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Accounting

Suppose the total interest of a 5-year deposit of $60,000 is $8000. Assuming interest is calculated based on a simple annual interest rate, find the monthly flat rate. (When you input your answer to Moodle, ignore the % sign and round your answer to 2 decimal places, if necessary. For example, you should input 1.23 if your answer is 1.2345%)

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