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Solve the problem. You have a choice of two accounts in which to invest your money for one year. Account A pays6.2% simple interest rate

Solve the problem.

You have a choice of two accounts in which to invest your money for one year. Account A pays6.2% simple interest rate and account B pays 5.5% interest compounded monthly. Compute the effective annual yield of account B and determine which account has the better rate

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