Question: A person buys a five - year, $ 1 , 0 0 0 certificate of deposit that carries a nominal rate of 9 percent, compounded

A person buys a five-year, $1,000 certificate of deposit that carries a nominal rate of 9 percent, compounded semiannually. Six months after this purchase, a 412-year CD at the same bank offers a 9.5 percent annual rate, also compounded semiannually. How much difference is there in total interest paid by the two competing investments?
A person buys a five-year, $1,000 certificate of deposit that carries

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