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Which of the following bank accounts has the highest effective annual return? a.) An account that pays 8.00% nominal interest with annual compounding. b.) An

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

a.) An account that pays 8.00% nominal interest with annual compounding.

b.) An account that pays 8.00% nominal interest with semi-annual compounding.

c.) An account that pays 8.05% nominal interest with quarterly compounding.

d.) An account that pays 8.05% nominal interest with monthly compounding.

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