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Business Finance Questions: 1. You want to deposit sufficient money today into a savings account so that you will have $1,000 in the account three

Business Finance Questions:

1. You want to deposit sufficient money today into a savings account so that you will have $1,000 in the account three years from today. Explain why you could deposit less money today if you chose a bank account that compounded interest on a quarterly basis compared to an annual basis.

2. Explain the difference between the effective annual rate (EAR) and the annual percentage rate (APR). Of the two, which one has the greater importance and why?

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