Your Firm Has Generated Extra Profits and Decides to Put

Your firm has generated extra profits and decides to put some money in a savings account. Three banks have submitted their interest rate quotes (all Annual percentage rates) : Bank A: 15% compounded daily; Bank B: 15% compounded weekly; and Bank C: 15% compounded monthly. Which bank should the firm borrow from?

A) Bank A.
B) Bank B.
C) Bank C.
D) Any bank would do since the APR is the same across all banks.

Correct Answer:

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