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There are two competitors in the local banking zone. Bank ABC provides 11.2% compounded monthly on its time deposit. Bank XYZ provides 11.4% compounded semiannually

There are two competitors in the local banking zone. Bank ABC provides 11.2% compounded monthly on its time deposit. Bank XYZ provides 11.4% compounded semiannually on its time deposit. If you want to make deposit, which bank should you choose? Explain logically with the calculation.

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