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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? a.

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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? a. Bank 2;6.0% with monthly compounding. b. Bank 4;6.0% with quarterly compounding. c. Bank 3;6.0% with annual compounding. d. Bank 5;6.0% with daily (365-day) compounding. e. Bank 1;6.1% with annual compounding

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