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Your current bank is paying 6 . 2 5 % simple interest rate. You can move your savings account to Harris Bank that pays 6
Your current bank is paying simple interest rate. You can move your savings account to Harris Bank that pays compounded annually or to First Chicago bank paying compounded semiannually. To maximize your return you would choose:
A Harris Bank
B you are indifferent, because the effective interest rate for all three banks is the same.
C your current bank
D First Chicago bank
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