Question
You have received a bonus of $5,000 that you would like to invest. You have three choices: BMO savings account which earns 15% compounded daily;
You have received a bonus of $5,000 that you would like to invest. You have three
choices: BMO savings account which earns 15% compounded daily; TD savings
account which earns 15.5% compounded quarterly; and CIBC savings account which
earns 16% compounded annually. Which would you choose and why?
(I know the answer is TD savings account which earns 15.5% compounded quarterly, I just want to know how this answer is obtained thanks)
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Personal Finance Building Your Future
Authors: Robert B. Walker, Kristy P. Walker
1st edition
9780077861728, 978-0073530659
