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Question 7 (5 points) Chewbacca has money to invest. He can either choose to invest with the Solo Investment Company where his money will earn
Question 7 (5 points) Chewbacca has money to invest. He can either choose to invest with the Solo Investment Company where his money will earn 11.36% compounded monthly, or with the Skywalker Bank where his money will be able to grow at 11.46% compounded quarterly. Which should he choose? Calculate the effective rates for each choice and record your choice. Do NOT add the percent symbol to your answers. Round to two decimal places. Solo Investment Company NOM (0.5 points) Solo Invetment Company EFF (1 point) Solo Investment Company C/Y (0.5 points) Skywalker Bank NOM (0.5 points) Skywalker Bank EFF (1 point) Skywalker Bank C/Y (0.5 points) What choice should Chewbacca make? Solo or Skywalker? (1 point)
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