Question: Chase Bank pays 6 % interest compounded annually on term deposit. Southern Bank pays 5 % interest, compounded quarterly. Green Bank, a newly listed firm,

Chase Bank pays 6% interest compounded annually on term deposit. Southern Bank pays 5% interest, compounded quarterly. Green Bank, a newly listed firm, offers its deposit customers 3.5% interest compounded monthly. a. Based on effective annual interest rates, in which bank would you prefer to deposit your money?

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