You have $5,000 that you want to use to open a savings account. There are...
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Finance
You have $5,000 that you want to use to open a savings account. There are five banks located in your area. The rates paid by banks A through E, respectively, are given below. Which bank should you select if your goal is to maximize your interest income?
| "4.10 percent, compounded continuously" | ||
| "4.25 percent, compounded semi-annually" | ||
| "4.20 percent, compounded quarterly" | ||
| "4.15 percent, compounded monthly" | ||
| "4.28 percent, compounded annually" |
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