After a number of years of saving up all your pennies you have finally reached a total amount of $6,000. Instead of using your savings to travel, purchase the newest technologies on the market, or...

After a number of years of saving up all your pennies you have finally reached a total amount of $6,000. Instead of using your savings to travel, purchase the newest technologies on the market, or using this money for your daily expenses you have decided to put your money into a savings account.

After an extensive amount of research you have the following options to choose from:

• Bank 1 offers an 8% annual interest rate.

• Bank 2 offers a 7% annual interest rate compounded quarterly.

• Bank 3 offers a 7% annual interest rate compounded monthly.

• Bank 4 offers a 5% annual interest rate.

1.Decide which bank you consider to be the best option to open a savings account for one year. Justify your answer.

2.After, decide which bank will be the best option to open a savings account
long term.
Create a proposal as to why the bank you selected is the best option.