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Account A credits interest at a rate of 8% convertible quarterly for the first two years and 5% annually afterward. What is the annual rate
Account A credits interest at a rate of 8% convertible quarterly for the first two years and 5% annually afterward. What is the annual rate of discount that account B must offer annually so that 1000 invested in either account will accumulate to the same value after 5 years?
A
1%
B
6.2%
C
5.91%
D
6.28%
E
5.75%
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