Multiple Choice
You plan to invest some money in a bank account.Which of the following banks provides you with the highest effective rate of interest?
A) Bank 1; 6.1% with annual compounding.
B) Bank 2; 6.0% with monthly compounding.
C) Bank 3; 6.0% with annual compounding.
D) Bank 4; 6.0% with quarterly compounding.
E) Bank 5; 6.0% with daily (365-day) compounding.
Correct Answer:
Verified
Correct Answer:
Verified
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