Which bank is offering the most attractive deposit rate

Reference no: EM133326427

Question: Let's pretend in its effort to control inflation, the Federal Reserve raises the federal funds target to a jaw-dropping 13%. This has caused a ripple effect on all other interest rates in the economy, including saving deposit rates. JPMorgan Chase offers an APR of 15% that is compounded daily, Bank of American offers an APR of 15.5% that is compounded quarterly, and Wells Fargo offers an APR of 16% that is compounded annually. If you are a saver, which bank is offering the most attractive deposit rate?

Reference no: EM133326427

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