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You are interested in investing your money in a bank account. Which of the following banks provides you with the highest effective rate of interest?

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You are interested in investing your money in a bank account. Which of the following banks provides you with the highest effective rate of interest? Select one: a. Bank P; 8% with monthly compounding. b. Bank W; 8% with daily compounding. c. Bank X; 8% with quarterly compounding. d. Bank V;8% with simple compounding. e. Bank L; 8% with annual compounding

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