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POTAK is considering opening a savings account. Two banks offered him the same interest but with different compounding rates. Fidelity Bank is offering to pay
POTAK is considering opening a savings account. Two banks offered him the same interest but with different compounding rates. Fidelity Bank is offering to pay 10% interest compounded daily while GT Bank is offering the same rate compounded quarterly. Which account will pay more to him if he leaves a GHe5,000 deposit for 5 years? [8 marks]
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Financial Institutions Management
Authors: Anthony Saunders, Marcia Cornett
8th Edition
0078034809, 978-0078034800
