Dupree funds are considering the fees charged by two banks. First America charges a flat rate of

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Dupree funds are considering the fees charged by two banks. First America charges a flat rate of $0.11 per payment and First Western requires a balance of $500,000 (that does not pay interest to Dupree funds), plus $.05 per payment. What is the number of payments per year where the costs of the two banks will be equal? Assume Dupree's cost of funds is % 9.
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