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First National Bank pays 7.1% Interest compounded semlannually. Second National Bank pays 6% Interest, compounded monthly. a. Calculate the future value for each dollar invested

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First National Bank pays 7.1% Interest compounded semlannually. Second National Bank pays 6% Interest, compounded monthly. a. Calculate the future value for each dollar invested in First National (Assume you Invest $1). (Do not round Intermediate calculations. Round your answer to 5 decimal places.) Future value b. Calculate the future value for each dollar Invested In Second National (Assume you Invest $1). (Do not round Intermediate calculations. Round your answer to 5 decimal places.) Future value c. Which bank offers the higher effective annual rate? Second National Bank First National Bank

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