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consider an amount X deposited into a CD at 2.04% interest compounded daily and the same amount deposited into a CD at the same rate

consider an amount X deposited into a CD at 2.04% interest compounded daily and the same amount deposited into a CD at the same rate that compounds monthly. Explain why, after 1 year. the balance on a CD that compounds daily is greater than the CD that compounds monthly.

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