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Question(s) / Instruction(s):

Albertson Union Bank offers 4-year negotiable certificates of deposit (CD) at a 12 percent annual nominal interest rate compounded quarterly. How much additional interest will you earn over 4 years on a $10,000 CD that is compounded quarterly compared with one that is compounded annually.

a)      $6,050

b)      $0

c)       $310

d)      $220

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