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A person buys a five - year, $ 1 , 0 0 0 certificate of deposit that carries a nominal rate of 9 percent, compounded
A person buys a fiveyear, $ certificate of deposit that carries a nominal rate of percent, compounded semiannually. Six months after this purchase, a year at the same bank offers a percent annual rate, also compounded semiannually. How much difference is there in total interest paid by the two competing investments?
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