The newspaper carries advertisements for CD rates/terms for 4 local banks. Calculate effective rates for each, rounding to nearest 0.01%. Which is better deal?
Scrooge Investments -- 17.0% compounded annually
Omega Savings & Loan -- 17.0% compounded monthly
Cloverdale Bank & Trust -- 17.5% compounded quarterly
Worker's Credit Union -- 18.0% compounded annually