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Which banks provides with highest effective rate of interest

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?

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Finance Basics: Which banks provides with highest effective rate of interest

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Solution Preview :

Prepared by a verified Expert

Finance Basics: Which banks provides with highest effective rate of interest

Reference No:- TGS0559134

Have a Question? (oR Write a Review)

Recent Questions Asked Finance Basics

Q : Find amount of inventories if turnover ratio is maintained

Q : Calculate the total sales revenue at the break-even point

Q : How much account be worth at the end of twenty five years

Q : Journalize the transactions and the adjusting entries

Q : Which banks provides with highest effective rate of interest

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Q : Discuss the nature of this lease for the xgx company

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Solution Preview :

Prepared by a verified Expert

Finance Basics: Which banks provides with highest effective rate of interest

Reference No:- TGS0559134

Recent Questions Asked Finance Basics

Q : Find amount of inventories if turnover ratio is maintained

Q : Calculate the total sales revenue at the break-even point

Q : How much account be worth at the end of twenty five years

Q : Journalize the transactions and the adjusting entries

Q : Which banks provides with highest effective rate of interest

Q : Value of this portion of portfolio

Q : Discuss the nature of this lease for the xgx company

Q : Question regarding carondelet hospital

Q : Five main different examples of those control elements

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