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Find Which financial institution is offering the higher rate

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Reference no: EM132661132

Problem 1: Suppose for its deposit accounts Simplii Financial is offering to pay interest at a rate of 0.6% per month with monthly compounding, but Tangerine is offering to pay interest at a rate of 1.8% per quarter with quarterly compounding. (One quarter is equal to three months.) Which financial institution is offering the higher rate?

Reference no: EM132661132

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