$19$

Multiple Choice $1$ point

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 $5$; $6\mathrm{.}0\%$ with daily $(365-$day$)$ compounding.

Bank $3$;$6\mathrm{.}0\%$ with annual compounding.

Bank $1$;$6\mathrm{.}1\%$ with annual compounding.

$1$

$2$

Bank $2$;$6\mathrm{.}0\%$ with monthly compounding.

Bank $4$;$6\mathrm{.}0\%$ with quarterly compounding.