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Lowest effective rate of interest

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You plan to borrow some money from a bank account. Which of the following banks provides you with the lowest effective rate of interest?

  • Bank 1; 6.1% with annual compounding.
  • Bank 2; 6.0% with monthly compounding.
  • Bank 3; 6.0% with quarterly compounding.
  • Bank 4; 6.0% with daily (365-day) compounding.

Reference no: EM131412621

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