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Suppose you have $2 million in a two-year account paying 6% nominal rate compounded annually. The...

Suppose you have $2 million in a two-year account paying 6% nominal rate compounded annually. The second bank offers you an account for two years paying a 6% nominal rate, but compounded bi monthly (that is, 6 times a year). If you move your account to the second bank, how much additional interest will you earn over the two years?

a

$0
b

$7,290
c

$72,903
d

$6,400
e

$64,490
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