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3. First National Bank charges 13.1% compounded monthly on its business loans. First United Bank charges 13.4% compounded semiannually. As a potential borrower, which bank

3. First National Bank charges 13.1% compounded monthly on its business loans. First United Bank charges 13.4% compounded semiannually. As a potential borrower, which bank would you go to for a new loan?

4. What is the future value of $3,100 in 17 years assuming an interest rate of 8.4% compounded semiannually?

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