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Eastern Bank pays 12.5 percent interest, compounded quarterly, on time deposits. Bank Asia pays 12.5 percent interest, compounded semiannually. Based on effective annual rates (EAR),

Eastern Bank pays 12.5 percent interest, compounded quarterly, on time deposits. Bank Asia pays 12.5 percent interest, compounded semiannually. Based on effective annual rates (EAR), in which bank would you prefer to deposit your money? Interpret your answer.

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