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old bank offers to pay 6% interest, compounded annually. New bank, to be competitive, offers 6% interest, compounded, monthly. If you buy from each bank

old bank offers to pay 6% interest, compounded annually. New bank, to be competitive, offers 6% interest, compounded, monthly. If you buy from each bank a five year, $1,000 certificate of deposit, with all interest compounded, what is the difference in values at the end of five yeas

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