You have $76,750 that you want to use to open a savings account. You have found 4 different accounts that are acceptable to you. All you have to do now is determine which account you want to use such that you can earn the highest rate of interest possible.

Account A: 5.55% compounded annually

Account B:  5.44% compounded monthly

Account C:  5.42% compounded daily

Account D:  5.40% compounded continuously 

 Which account should you use based upon the annual percentage rates quoted by each bank?

Answer rating: 100% (QA)

To determine which account will earn the highest rate of interest we need to compare the effective a... View the full answer