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25. You have received a bonus of $5,000 that you would like to invest. You have three choices: BMO savings account which earns 15% compounded

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25. You have received a bonus of $5,000 that you would like to invest. You have three choices: BMO savings account which earns 15% compounded daily; TD savings account which earns 15.5% compounded quarterly; and CIBC savings account which earns 16% compounded annually. Which would you choose and why? A) TD, because it offers the highest effective annual rate. B) CIBC, because the rate is compounded less frequently. C) BMO, because it offers the highest effective annual rate. D) BMO, because the rate is compounded daily. E) CIBC, because it offers the highest effective annual rate

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