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You need to borrow $1, 000 for a period of 10 years. Bank A will lend you the money at 10% interest, compounded annually, where
You need to borrow $1, 000 for a period of 10 years. Bank A will lend you the money at 10% interest, compounded annually, where Bank B will lend you the money at 10% interest, compounded monthly. At the end of ten years, how much more interest will you owe if you borrow from Bank B instead of Bank A?
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