Find the EAR in each of the following cases: (Assume 365 days in a year. Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)
Stated Rate (APR) | Number of Times Compounded | Effective Rate (EAR) | |||||||
8.1 | % | Quarterly | % | ||||||
17.1 | Monthly | ||||||||
13.1 | Daily | ||||||||
10.1 | Infinite | ||||||||
EAR=(1+APR/m)^m-1
where m=compounding periods
1.EAR=(1+0.081/4)^4-1
=8.35%(Approx).
2.EAR=(1+0.171/12)^12-1
=18.51%(Approx).
3.EAR=(1+0.131/365)^365-1
=13.99%(Approx).
4.EAR=(e)^APR-1
where e=2.71828
EAR=(2.71828)^0.101-1
=10.63%(Approx).
Find the EAR in each of the following cases: (Assume 365 days in a year. Do...
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