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Five banks offer the same nominal 5 % rate ( Inom , APR ) on deposits, butA pays interest annually, B pays semiannually, C pays
Five banks offer the same nominal rate Inom APR on deposits, butA pays interest annually, B pays semiannually, C pays quarterly, Dpays monthly, and E pays daily. Calculate the effective annual rateEARAPY for each bank and the future values of a $ deposit atthe end of year and years
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