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Suppose you saw an advertisement in the newspaper for a financial planner who was recommending a certificate of deposit that paid 6 . 5 %

Suppose you saw an advertisement in the newspaper for a financial planner who was recommending a certificate of deposit that paid

6.5 %

interest compounded quarterly. In the fine print at the bottom of the

advertisement, it stated that the APY on the CD was

6.66 % .

Was this advertisement

accurate? Explain.

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