A local bank has two saving options

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Reference no: EM131010289

A local bank has two saving options. One offers 6% interest compound on a daily bases while the other offers 6.5% compounded quarterly. Which saving option would you choose?

a. 6% compound daily

b. 6.5% compound quarterly

c. They are the same.

Please show work.

Reference no: EM131010289

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