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I: You are planning to open up an investment account with an initial investment of RM1000 for your son, who just turned 7 years old

I: You are planning to open up an investment account with an initial investment of RM1000 for your son, who just turned 7 years old this year. You have shortlisted two international banks near you, and the information is shown below: Bank OIC Bank FYI Bank Interest rate charged 5.05% compounded semi-annualy 4.95% compounded quarterly a. Calculate the total interest earned when your son turned 18 years old for each bank. (10 marks) b. Which bank should you choose to invest your money based on your answer in (a) and justify your decision. (2 marks)

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