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Which of the following bank accounts has the highest effective annual rate? An account that pays 8% nominal interest with daily (365-day) compounding. An account

Which of the following bank accounts has the highest effective annual rate?

		An account that pays 8% nominal interest with daily (365-day) compounding.
		An account that pays 8% nominal interest with monthly compounding.
		An account that pays 7.8% nominal interest with daily (365-day) compounding.
		An account that pays 7.8% nominal interest with hourly compounding.

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