You have $100,000 that you want to use to open a savings account. There are five banks

located in your area. The rates paid by banks A through D, respectively, are given below.

Which bank should you select if your goal is to maximize your interest income? (6 marks)

Bank A: 3.26%, compounded annually

Bank B. 3.20%, compounded monthly

Bank C: 3.25%, compounded semi-annually

Bank D: 3.22%, compounded quarterly

please do not use any excel formula