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You plan to invest some money in a bank account. Which of the following banks provides you with the highest effective rate of interest? Answer

You plan to invest some money in a bank account. Which of the following banks provides you with the highest effective rate of interest? Answer Bank 1; 6.1% with annual compounding. Bank 2; 6.0% with monthly compounding. Bank 3; 6.0% with annual compounding. Bank 4; 6.0% with quarterly compounding. Bank 5; 6.0% with daily (365-day) compounding

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