Question: (Calculating an EAR)Based on effective interest rates, would you prefer to deposit your money into Springfield National Bank, which pays 7.0 percent interest compounded weekly,

(Calculating an EAR)Based on effective interest rates, would you prefer to deposit your money into Springfield National Bank, which pays

7.0 percent interest compounded weekly, or into Burns National Bank, which pays 6.8 percent compounded quarterly? (Hint: Calculate the EAR on each account.)

b. If Burns National Bank pays 6.8 percent interest compounded quarterly, the EAR for the deposit

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