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Please do it in Excel. You want to check if the banks where you have investments are paying the negotiated interest rates correctly. In the
Please do it in Excel.
You want to check if the banks where you have investments are paying the negotiated interest rates correctly. In the Bank As account, you deposited $18,000 exactly 3.5 years ago, you have now an amount of $25,759.38. In the Bank B's account, you deposited $19,0004.5 years ago, and you have now an amount of $28,615.13. What is the annual interest rate paid by each bank, Bank A and Bank B respectively, in the period? A) 10.78% per year for 3.5 years, and 9.53% per year for 4.5 years B) 9.47% per year for 3.5 years, and 8.46% per year for 4.5 years C) 10.78% per year for 4.5 years, and 9.53% per year for 3.5 years D) 6.84% per year for 3.5 years, and 8.89% per year for 4.5 years E) both banks paid the same interest rate for the period of 8 years F) None of the aboveStep by Step Solution
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