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(9pts 3) Bank A pays 4.5 percent interest, compounded semiannually, on deposits, while Bank B pays 4.5 percent, compounded daily. a. What is the effective

(9pts 3) Bank A pays 4.5 percent interest, compounded semiannually, on deposits, while Bank B pays 4.5 percent, compounded daily. a. What is the effective rate offered by Bank A? b. By Bank B? c. Which bank should you use?

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