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You want to open a savings account. There are five banks located in your area. The rates paid by banks A through E are given

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You want to open a savings account. There are five banks located in your area. The rates paid by banks A through E are given below. Which bank should you select if your goal is to maximize your interest income? Bank E: 3.8 percent, compounded daily. Bank D: 3.5 percent, compounded monthly Bank A: 3.8 percent, compounded annually Bank C: 3.6 percent, compounded quarterly Bank B: 3.7 percent, compounded semi-annually

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