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Suppose you are considering depositing money in a bank. Two banks (A and B) that are competing against each other would offer you the following:

Suppose you are considering depositing money in a bank. Two banks (A and B) that are competing against each other would offer you the following:

Bank A offers 7% nominal interest rate with daily compounding.

Bank B offers a 9% nominal interest rate with monthly compounding.

Which offer would you accept and why? Show all your computations.

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