[Solved] You have a savings account that pays 3.1

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You have a savings account that pays 3.1 % interest compounded semiannually, but you are considering transferring your funds into a savings account that pays

You have a savings account that pays

3.1

interest compounded semiannually, but you are considering transferring your funds into a savings account that pays

2.9

interest compounded monthly. Calculate the difference in the effective interest rates of the two accounts.

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