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April 19, 2014

April 19, 2014

Posted by **Tracy** on Sunday, March 27, 2011 at 4:52pm.

The effective rate offered by bank A =?%,

while the effective rate offered by bank B = ?%.

- Math -
**Damon**, Sunday, March 27, 2011 at 5:29pm(1 + i/n)^n - 1

A

(1+.066/12)^12 - 1 = .0680 = 6.80 %

B

(1+.0667/4)^4 - 1 = .0684 = 6.85%

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