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Somebody is trying to decide between two banks in which to open an account. Bank A offers an annual rate of 1 5 . 5

Somebody is trying to decide between two banks in which to open an account.

Bank A offers an annual rate of

15.5 %

with interest compounded semi

-

annually.

Bank B offers an annual rate of

15 %

with interest compounded daily.

Which bank will give them a higher annual effective growth?

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