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Suppose you want to start a new business and need to apply for business loans. There are two major banks in town, and they provide

Suppose you want to start a new business and need to apply for business loans. There are two major banks in town, and they provide you with the following offers: The first bank charges 12 percent compounded monthly on the loans. The second bank charges 12.2 percent compounded semiannually. As a potential borrower, to which bank would you go for a business loan

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