The Bank of Nova Scotia has 8% compounded semi-annual GICs; the Royal Bank has 7.9%compounded monthly GICs. The Bank of Nova Scotia offers a better annualized rate of return.

Name: The Bank of Nova Scotia has 8% compounded semi-annual GICs; the Royal Bank has 7.9%compounded monthly GICs. The Bank of Nova Scotia offers a better annualized rate of return.
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Question

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The effective annual rate (EAR) for the Bank of Nova Scotia is lower than the Royal Bank's when considering the compounding frequency.

The Bank of Nova Scotia Has 8% Compounded Semi-Annual GICs;