Craig can buy a three-year compound-interest GIC paying 4.6% compounded semiannually or 4.5% compounded monthly. Which option should he choose? Present calculations that support your answer.

Compound-Interest GIC

A Guaranteed Investment Certificate where the interest is compounded at regular intervals, leading to an increase in the amount earned over time.

Compounded Semiannually

An interest calculation method where the interest is added to the principal twice a year, leading to interest on interest in the subsequent periods.

Compounded Monthly

A method where interest earnings are calculated and added to the principal sum each month, effectively earning interest on the interest from the previous month.