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5. You have deposited $10,000 at your local savings and loan and have been offered an annual interest rate of 3% and the option of

5. You have deposited $10,000 at your local savings and loan and have been offered an annual interest rate of 3% and the option of annual, semi-annual, or quarterly compounding. Which one will you choose and what is the dollar difference between the three options? Document how you arrived at your calculations.

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