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9. Bruce and Sheila are talking about their savings accounts . Bruce says that his acc pays 10% annual interest compounded yearly, and that Sheila
9. Bruce and Sheila are talking about their savings accounts . Bruce says that his acc pays 10% annual interest compounded yearly, and that Sheila should move her savings to his bank, since hers only offers a (stated) annual percentage rate (APR) of 9.8%. Sheila however argues that it would make no sense to do so, since her bank accoun compounds monthly and hence it actually provides better interest payments. Who is right? A. Bruce B. Sheila C. The two accounts are exactly equivalent D. Not enough information is provided
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