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undefined You want to invest $16,000 and are looking for safe investment options. Your bank is offering a certificate of deposit that pays a nominal
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You want to invest $16,000 and are looking for safe investment options. Your bank is offering a certificate of deposit that pays a nominal rate of 8.00% that is compounded bimonthly (every two months). Your effective rate of return on this investment is Another bank is also offering favorable terms, so Gilberto decides to take a loan of $16,000 from this bank. He signs the loan contract at 10.40% compounded daily for six months. Based on a 365-day year, what is the total amount that Gilberto owes the bank at the end of the loan's term? (Hint: To calculate the number of days, divide the number of months by 12 and multiply by 365.) O $16,854.10 O $17,443.99 O $17,696.81 O $17,865.35Step by Step Solution
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