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wanted to know if these answers were correct. Provide correct answers please with work First National Bank pays 5.4% interest compounded semiannually. Second National Bank

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wanted to know if these answers were correct. Provide correct answers please with work

image text in transcribed
First National Bank pays 5.4% interest compounded semiannually. Second National Bank pays 6% interest, compounded monthly. a. Calculate the future value for each dollar invested in First National (Assume you invest $1}. (Do not round intermediate calculations. Round your answer to 5 decimal places.) Future value $ b. Calculate the future value for each dollar invested in Second National (Assume you invest $1). (Do not round intermediate calculations. Round your answer to 5 decimal places.) Future value $ c. Which bank offers the higher effective annual rate? 0 First National Bank @ Second National Bank

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