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Problem 4. You have two choices in placing your money in a bank account: (1) Bank A pays 6% interest compounded annually, (2) Bank B

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Problem 4. You have two choices in placing your money in a bank account: (1) Bank A pays 6% interest compounded annually, (2) Bank B pays 6% interest compounded monthly. b. Choose the bank that will give you a higher return. Suppose you will deposit $1000 today and then $1000 the same day of next year. and so on. for a total of 6 deposits. What's the amount of your money in the bank 6 months later from your last deposit? (10 points)

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