Determine what interest rate should be select

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Reference no: EM13204189

A friend was left $50,000 by his uncle. He has decided to put it into a saving account for the next year or so. He finds there are varying interest rates at savings institution:
4.375 % compounded annually, 4.25% compounded quarterly, and 4.125% compounded continuously. He wishes to select the savings institution that will give him the highest return on his money. What interest rate should he select?

Reference no: EM13204189

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