Question 1179869

A. Account 1: Interest is compounded daily at a rate of {{{5.25}}}%.


{{{((((0.0525 / 100) + 1) ^ 365) - 1)*100=21.12}}}%



B. Account 2: Interest is compounded monthly at a rate of {{{5.40}}}%.

{{{((((0.0540 / 100) + 1) ^ 365) - 1)*100=21.78}}}%



C. Account 3: Interest is compounded quarterly at a rate of {{{5.50}}}%.

{{{((((0.0550 / 100) + 1) ^ 365) - 1)*100=22.23}}}%


D. Account 4: Interest is compounded annually at a rate of {{{5.55}}}%.

{{{((((0.0555 / 100) + 1) ^ 365) - 1)*100=22.45}}}%


Which account has the highest annual interest rate?

answer: D