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3. Passbook savings accounts and NOWaccounts (part of checkable deposits) are both interest bearingbank deposits, but NOW accounts have checkable privileges andpassbook savings accounts have no checkable privileges. Then whywould anyone have a passbook savings deposit? Provide the economicconcept behind this argument4. Given the following three sets of bonds:90 day Commercial Paper (AAArated)90 day Commercial Paper (BAArated)90 day Treasury BillsRank their interest rates from lowestto highest. Defend your ranking.
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