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Bank A compounds interest on a quarterly basis. It offers a high yield savings account that pays a 6% APR. If bank B wanted to

Bank A compounds interest on a quarterly basis. It offers a high yield savings account that pays a 6% APR. If bank B wanted to match the annual interest for bank A, but bank B compounds interest on a daily basis (365 days/year), what APR would B have to offer customers?

a.

4.87%

b.

4.03%

c.

2.04%

d.

5.96%

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