Question: A credit union pays 5.25% compounded annually on five-year compound-interest GICs. It wants to set the rates on its semiannually and monthly compounded GICs of

A credit union pays 5.25% compounded annually on five-year compound-interest GICs. It wants to set the rates on its semiannually and monthly compounded GICs of the same so that investors will earn the same total interest. What should the rates be on the GICs with the higher frequencies?

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