COMPARING ALTERNATIVE NOMINAL INTEREST RATES

Which is the most attractive of the following interest rates offered on five$-$year GICs?

a$.5\mathrm{.}70\%$ compounded annually

b$.5\mathrm{.}68\%$ compounded semiannually

c$.5\mathrm{.}66\%$ compounded quarterly

d$.5\mathrm{.}63\%$ compounded monthly