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(11) Five banks offer nominal rates of 6% on deposits, but A pays interest annually, B pays semiannually, C pays quarterly, D pays monthly, and

(11) Five banks offer nominal rates of 6% on deposits, but A pays interest annually, B pays semiannually, C pays quarterly, D pays monthly, and E pays dafly. What effective annual rate does each bank pay? If you deposit $5,000 in each bank today, how much will you have in each bank at the end of 1 year

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