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3. Laurie and Joe both plan to save $220 000 over 6 years. Laurie saves by making regular monthly deposits in a GIC that

3. Laurie and Joe both plan to save $220 000 over 6 years. Laurie saves by making regular monthly deposits in a GIC that earns 6.7% per year compounded monthly. Joe saves by making regular monthly deposits in a high-performance mutual fund that earns 8% per year compounded monthly. a) Determine the monthly deposit for each savings plan. b) How much extra interest does Joe earn? Justify your answer.

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