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Your bank offers 3-year certificates of deposit with a stated rate of interest of 12% p.a., compounded quarterly. Your cousin (who works at Acme Bank
Your bank offers 3-year certificates of deposit with a stated rate of interest of 12% p.a., compounded quarterly. Your cousin (who works at Acme Bank and Trust, a competitor) wants to know what stated rate of interest you would require from them in order to switch your business to their bank. Acme's CD's are compounded on a monthly basis.
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Principles of Finance
Authors: Scott Besley, Eugene F. Brigham
6th edition
9781305178045, 1285429648, 1305178041, 978-1285429649
