1. Effective Annual Rates. You are given the choice between investing money at an APR...
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1. Effective Annual Rates. You are given the choice between investing money at an APR of 9% compounded annually or an APR of 8.5% compounded daily. (a) Which APR and compounding combination offers the higher effective annual re- turn? (b) For what APR does daily compounding offer the same effective annual return as 9% compounded annually
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