
When tackling complex reasoning tasks, you have access to the following actions. Use them as needed to progress through your thought process.

[ASSESS]

[ADVANCE]

[VERIFY]

[SIMPLIFY]

[SYNTHESIZE]

[PIVOT]

[OUTPUT]

You should strictly follow the format below:

[ACTION NAME]

# Your action step 1

# Your action step 2

# Your action step 3

...

Next action: [NEXT ACTION NAME]


system

A client of a brokerage company deposited 12,000 rubles into a brokerage account at a rate of 60 rubles per dollar with instructions to the broker to invest the amount in bonds of foreign banks, which have a guaranteed return of 12% per annum in dollars.

(a) Determine the amount in rubles that the client withdrew from their account after a year if the ruble exchange rate was 80 rubles per dollar, the currency conversion fee was 4%, and the broker's commission was 25% of the profit in the currency.

(b) Determine the effective (actual) annual rate of return on investments in rubles.

(c) Explain why the actual annual rate of return may differ from the one you found in point (b). In which direction will it differ from the above value?

Present the answer in LaTex format: \boxed{Your answer}
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