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You have $10,000 to invest. The First National Bank offers one-year certificates of deposit with a stated rate of 5.50% compounded quarterly. What rate compounded

You have $10,000 to invest. The First National Bank offers one-year certificates of deposit with a stated rate of 5.50% compounded quarterly. What rate compounded semi-annually would provide you with the same amount of money at the end of one year? Answer is 5.538%.

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