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What are the effective annual rates for the two banks

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Problem 1: Suppose you would like to deposit your salary bonus of $5000 into an online saver account which offers high bonus interest. NAB quotes an interest rate of 3.5% p.a., compounded monthly, whereas ANZ quotes 3.55% p.a., compounded semi-annually. What are the effective annual rates for the two banks? Which bank would you choose to deposit your money to? Show all workings.

Reference no: EM132998203

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