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Rick Ocasek has $10 000 that he can deposit into a savings account for 5 years. Bank A pays compounds interest annually, Bank B twice a year, and Bank C quarterly. Each bank has a stated interest rate of 6% p.a.
Required:
Problem 1: At the end of the fifth year approximately how much more interest would Rick have earned in the Bank account with the most interest as compared to that with the least interest?
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