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II. You have decided to invest $10,000 in a certificate of deposit that will mature in nine years. You know of two financial institutions that
II. You have decided to invest $10,000 in a certificate of deposit that will mature in nine years. You know of two financial | ||||||||||
institutions that offer such a CD. The first pays 4.6% interest annually, while the second pays 4.25%, compounded monthly. | ||||||||||
Determine which institution will return a higher future value when the certificate reaches maturity, at the end of nine years. |
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