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George takes out a loan from the bank. The bank tells him that interest payable on the loan can be compounded annually, monthly, or daily.

  1. George takes out a loan from the bank. The bank tells him that interest payable on the loan can be compounded annually, monthly, or daily. If the APR is 5.9% regardless of the compounding period, which compounding period should George choose?

  2. Calculate the accumulated value on September 22, 2022, of a $300 investment earning 7% simple interest since January 1, 2022.

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