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What is the effective annual rate? of cd

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Your grandmother asks for your help in choosing a certificate of deposit? (CD) from a bank with a? one-year maturity and a fixed interest rate. The first certificate of? deposit, CD? #1, pays 5.95 percent APR compounded weekly?, while the second certificate of? deposit, CD? #2, pays 6.00 percent APR compounded quarterly. What is the effective annual rate? (the EAR) of each? CD, and which CD do you recommend to your? grandmother?

Reference no: EM132689333

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