You have just inherited $10,000 and you are searching for a safe investment that offers the best return. You noticed all local financial institutions offer the same annual percentage rate for a one year CD, 12%; however, the number of compounding periods is different. For example, one bank compounds annually and another bank compounds semi-annually. Assume you found 10 banks, all FDIC insured, all 12% APR, but have different compounding periods including, annual, semi-annual, quarter, bi-monthly, monthly, weekly, daily, hourly, minutes, and seconds. Find the effective annual rate for each bank. What bank best satisfies your objectives? You must support your answer.