How much will the bank earn over the next year

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A bank borrows money at the 5 year CD rate found in the paper with daily compounding. It loans money at the 15 year mortgage rate in the paper which is compounded monthly. If the bank borrows $10,000,000 from depositors and loans the $10,000,000 out to borrowers, how much will the bank earn over the next year?

Reference no: EM13872166

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