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You plan to invest some money in a bank account which of

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

Bank 1: 6.0% with monthly compounding
Bank 2: 6.0% with annual compounding
Bank 3: 6.0% with daily (365-day) coumpounding. Why?

Reference no: EM13485987

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