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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, respectively, are

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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, respectively, are given below. Which bank should you select if your goal is to maximize your interest income? Bank A: 4.2 percent, compounded annually Bank C: 4 percent, compounded quarterly Bank B: 4.2 percent compounded weekly Bank D: 4 percent, compounded monthly Bank E: 3.8 percent, compounded daily

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