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5. How long will it take money to double if it is invested at (A) 8% compounded semiannually? (B) 7% compounded semiannually? 6. Bank A

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5. How long will it take money to double if it is invested at (A) 8% compounded semiannually? (B) 7% compounded semiannually? 6. Bank A offers a 2-year GIC that pays 4.82% compounded continuously and Bank B offers a 2-year GIC that pays 4.85% compounded quarterly. Find the annual percentage yield (or effective rate) for each one Which bank's GIC has the higher return

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