Problem
A friend was left $50,000 by his uncle. He has decided to put it into a savings account for the next year or so. He finds there are varying interest rates at savings institutions: 4 3/8% compounded annually, 41/4% compounded quarterly, and 41/8% compounded continuously. He wishes to select the savings institution that will give him the highest return on his money. What interest rate should he select?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.