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C ONNEXT Problem (1 point) Danielle has a choice of investing a sum of money at 8% compounded monthly or at 7.5% compounded daily. Calculate

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C ONNEXT Problem (1 point) Danielle has a choice of investing a sum of money at 8% compounded monthly or at 7.5% compounded daily. Calculate the annual effective Interest rate (APY) in each case to determine the better choice. 8% compounded monthly is equivalent to an APY of 7.5% compounded daily is equivalent to an APY of

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