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[SOA 207] An investor deposited 1000 in each of Bank X and Bank Y. Bank X credits simple interest at an annual rate of 10%

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[SOA 207] An investor deposited 1000 in each of Bank X and Bank Y. Bank X credits simple interest at an annual rate of 10% for the first five years and 7% thereafter. Bank Y credits interest at an annual nominal rate of 5% compounded quarterly. The interest credited in the eighth year by Bank Y exceeds the interest credited in the eighth year by Bank X by N Calculate the absolute value of N

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