Bank One Offers a Passbook Account with a 3

Multiple Choice

Bank One offers a passbook account with a 3.6% annual rate, compounded quarterly.Bank Two offers a money market account at 3%, compounded monthly.Find the better growth by calculating the
Effective rates.What is the greater effective rate?

A) 3.04%
B) 0.04%
C) 0.03%
D) 3.65%
E) none of the above