Calculate the following:
Definitions:
Compounded Annually
The process of calculating interest on both the initial principal and the accumulated interest from previous periods, applied once per year.
Compounded Semi-Annually
The process of calculating interest on a principal sum and its accumulated interest at two intervals within the year.
Effective Annual Rate
The interest rate on a loan or financial product restated from a nominal rate to an annual rate, taking compounding into account.
Compounded Daily
The process where interest is calculated on the initial principal and also on the accumulated interest of previous periods of a deposit or loan, on a daily basis.
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