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You have $5,000 that you want to use to open a savings account. There are...

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Finance

You have $5,000 that you want to use to open a savings account. There are five banks located in your area. The rates paid by banks A through E, respectively, are given below. Which bank should you select if your goal is to maximize your interest income?

"4.10 percent, compounded continuously"

"4.25 percent, compounded semi-annually"

"4.20 percent, compounded quarterly"

"4.15 percent, compounded monthly"

"4.28 percent, compounded annually"

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