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What is the effective annual interest rate stu dente wants

A bank offers a savings account with a 2.00% annual interest rate, compounded monthly.

What is the effective annual interest rate? Stu Dente wants to open a savings account and make a one deposit now that will enable him to withdraw $700 to go on vacation 5 months from now and $2000 for a deposit on a rental apartment when he starts working in 20 months from now. How much money does Stu need to deposit now?

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