Your current bank is paying a 625 annual simple interest, Financial Management

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Your current bank is paying a 625 annual simple interest

Your current bank is paying a 6.25% annual simple interest rate with monthly compounding. You can move your money to Harris Bank that pays 6.25% annual compound interest rate, or to First Chicago Bank, which pays 6.8% compounded semiannually. To maximize your return, which bank should you choose?

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