Tom wants to have 5000 in his savings account a year, Financial Accounting

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Tom wants to have 5000 in his savings account a year

Tom wants to have $5000 in his savings account a year later.

He finds there are varying interest rates: 4.375% Compounded annually, 4.25%compounded quarterly, and 4.125% compounded continuously. He wishes to select the savings institution that he deposits the least cash right now. What interest rate should he select?

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Financial Accounting: Tom wants to have 5000 in his savings account a year

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Financial Accounting: Tom wants to have 5000 in his savings account a year

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