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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?

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?

a. Bank 1; 7.1 percent with monthly compounding.

b. Bank 2; 7 percent with annual compounding

c. Bank 3; 7.05 percent with quarterly compounding

d. Bank 4; 7.1 percent with infinite compounding

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