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Which of the following bank accounts has the highest effective annual return? Group of answer choices a) An account that pays 7% nominal interest with

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

Group of answer choices

a) An account that pays 7% nominal interest with monthly compounding.

b) An account that pays 8% nominal interest with annual compounding.

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

d) An account that pays 7% nominal interest with daily (365-day) compounding.

e) An account that pays 8% nominal interest with monthly compounding.

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