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4) You go to Melvindale Bank because you heard they have good interest rates on deposits. You meet with the bank manager and she says

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4) You go to Melvindale Bank because you heard they have good interest rates on deposits. You meet with the bank manager and she says they have two account options. Option A pays 8% interest compounded annually. Option B pays 7.85% compounded daily. You plan to deposit $15,000 today for five years. How much would you have in five years if you selected option A? How much would you have if you selected option B

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