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Which banks provides with the highest effective rate

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Problem 1: You plan to invest some money in a bank account. Which of the following banks provides you with the highest effective rate of interest (EAR)?

Option 1: ABC Bank; 6% with daily (365-day) compounding

Option 2: DDT Bank; 6% with annual compounding.

Option 3: CBS Bank; 6% with monthly compounding

Option 4: NBC Bank; 6% with quarterly compounding.

Reference no: EM132645239

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