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a ) A bank wants to increase deposits and is looking to increase their savings interest rate to achieve this goal. The bank wants to

a) A bank wants to increase deposits and is looking to increase their savings interest rate to achieve this goal. The bank wants to raise $x,000,000 through this program and is willing to pay 3% to achieve the goal. The bank expects to reduce this introductory offer in 5-years and thus all depositors will remove their funds from their account. How much will they have to pay out in interest to achieve their goal?
b) A bank wents to increase deposits and is looking to increase their savings interest rate to achieve this goal. The bank wahts to raise $1,000,000 through this program and is willing to pay 5% to achieve the goal. How long could the banks keep the accounts active before paying $,000,000 in interest?
c) A bank wants to increase deposits and is looking to increase their savings interest rate to achieve this goal. What interest rate could the bank pay if they wanted to pay $1,000,000 in interest in X years?
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