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First State Bank pays 6.4% interest, compounded quarterly, on time deposit. Second State Bank pays 6.5% interest, compounded semiannually. Based on effective, or equivalent, interest

First State Bank pays 6.4% interest, compounded quarterly, on time deposit. Second State Bank pays 6.5% interest, compounded semiannually. Based on effective, or equivalent, interest rates, in which bank would you prefer to deposit your money?

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