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

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

A Credit Union Pays 5