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In 2014, the Home Savings Bank paid 1% interest, compounded daily, on a I-year CD, while the Palladian Private Bank paid 1% compounded quarterly. (a) What are the effective rates, rounded to the nearest thousandth percent, for the two CDs? Use a 365-day year. (b) Suppose $1000 was invested in each of these accounts . Find the compound amount, rounded to the nearest penny, after one year for each account.
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