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Suppose you are looking for a new savings account. There are two possible savings accounts offered by your local banks, and they provide you with

Suppose you are looking for a new savings account. There are two possible savings accounts offered by your local banks, and they provide you with the following offers: 


  • The first account offers an annual rate of 7 percent compounded monthly on your investment. 
  • The second account offers an annual rate of 7.25 percent compounded semiannually. 


As a potential investor, with which account would you choose to invest your money?

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