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Bank X offers one-year CDs that yield 2.4% APR, compounded monthly. Bank Y offers one-year CDs that yield 2.4% APY. Both banks are FDIC insured.

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Bank X offers one-year CDs that yield 2.4% APR, compounded monthly. Bank Y offers one-year CDs that yield 2.4% APY. Both banks are FDIC insured. Which bank (X or Y) should you choose to buy one-year CDs? Why? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIVS Paragraph Arial V www 10pt A I X

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