1. The Crete Credit Union advertises savings account interest as 5.5% compounded weekly and chequing account interest at 7% compounded monthly. Wha t are the effective interest rates for the two types of accounts?
2. Victory Visa, Magnificent Master Card, and Amazing Express are credit card companies that charge different interest on overdue accounts. Victor}' Visa charges 26% compounded daily, Magnificent Maste r Card charges 28% compounded weekly, and Amazing Express charges 30% compounded monthly. On the basis of interest rate, which credit card has the best deal?
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