Goal is to maximize his interest income

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Walter White has $5,600 that he wants to use to open a savings account. There are five banks located in his area. The rates paid by banks A through E, respectively, are given below. Which bank should White select if his goal is to maximize his interest income? Show Work.

1. 4.61 percent, compounded annually

2. 4.15 percent, compounded monthly

3. 4.57 percent, compounded semi-annually

4. 4.10 percent, compounded continuously

5. 4.25 percent, compounded quarterly

Reference no: EM13724966

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