Yassmine knows how to calculate the effective interest rate and is quite shocked that banks do not share this rate as not everyone knows how to calculate this. Instead banks post their nominal interest rate which does not take compounding into effect. For loan purposes, which bank would provide the lowest effective interest rate?

Bank of Nova Scotia's loan offer is $6\mathrm{.}99\%$ compounded monthly

RBC$\text{'}$s loan offer is $7\mathrm{.}0\%$ compounded quarterly

Toronto Dominion's loan offer is $7\mathrm{.}1\%$ compounded weekly

Bank of Montreal's loan offer is $7\mathrm{.}2\%$ compounded semi$-$annually

CIBC's loan offer is $6\mathrm{.}95\%$ compounded daily

Question $37$Select one:

a$.$

Bank of Nova Scotia

b$.$

Toronto Dominion

c$.$

Royal Bank of Canada

d$.$

Bank of Montreal

e$.$

CIBC