Would you rather have a savings account that pays 5 percent interest com- pounded semiannually or one that pays 5 percent interest compounded daily? Assume the bank account has a starting balance of $20,000. After four years what are the balances for each? After eight years? After twelve years? What is the implication for savers and potential savers? Does it matter when individuals should start a savings plan? A specific example can and should be provided