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Highest return based on effective interest rates

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Reference no: EM133111386

CIBC offers a GIC at 3.21% compounded annually and Toronto Dominion (TD) Bank offers the same rate but compounded monthly. The Bank of Montreal offers a GIC at 3% compounded annually, while Royal Bank of Canada (RBC) is offering the same but at 3.25%. Which bank offers the highest return based on effective interest rates?

Toronto Dominion (TD)

Bank of Montreal

CIBC

All are offering the same effective interest rate

Royal Bank of Canada (RBC)

Reference no: EM133111386

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