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First Bank pays 6.2% interest compounded semi-annually, Second Bank pays 6.1% compounded quarterly, and Third Bank pays 6% compounded monthly. Which bank pays the highest

First Bank pays 6.2% interest compounded semi-annually, Second Bank pays 6.1% compounded quarterly, and Third Bank pays 6% compounded monthly. Which bank pays the highest effective annual rate?

Question 25 options:

	First Bank
	Second Bank
	Third Bank
	There is no single highest effective annual rate

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