Using the following information for questions 12-20, calculate the EAR for each bank: You have $5,600 that you want to use to open a savings account. There are five banks located in your area. The rates paid by banks A through D, respectively, are given below. Considering questions 12-19, which bank should you select if your goal is to maximize your interest income?

Bank A. APR of 4.21 percent, compounded annually

Bank B. APR of 4.45 percent, compounded monthly

Bank C. APR of 4.57 percent, compounded semi-annually

Bank D. APR of 4.25 percent, compounded quarterly