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3. Suppose you don't have the $3,500 but need it at the end of 1 year. You plan to make a series of deposits annually
3. Suppose you don't have the $3,500 but need it at the end of 1 year. You plan to make a series of deposits annually for A, semiannually for B, quarterly for C, monthly for D, and daily for E - with payments beginning today. How large must the payments be to each bank? Round your answers to the nearest cent. 4. Even if the five banks provided the same effective annual rate, would a rational investor be indifferent between the banks? It is more likely that an investor would prefer the bank that compounded frequently
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