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The First National Bank is offering a 4 year certificate of deposit (CD) at 4% interest compounded quarterly: Second National Bank is offering a 4
The First National Bank is offering a 4 year certificate of deposit (CD) at 4% interest compounded quarterly: Second National Bank is offering a 4 year CD at 5% interest compounded annually. (Round your answers to two decimal places. (a) If you were interested in investing $6,000 in one of these CDs, calculate the compound amount (in $) of each offer. (Use Table 11-1.) First National Bank $ Second National Bank $ (b) What is the annual percentage yield of each CD? First National Bank Second National Bank (c) If Third National Bank has a 4 year CD at 4.5% interest compounded monthly, use the compound interest formula to calculate the compound amount (in $) of this offer $
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