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A local bank, is offering a deposit account with an A.P.R(annual percentage rate). of 5.25%. What is the effective annual interest rate offered by bank if the compounding interval is annual? Monthly? Daily?
Assume a bank offers an effective annual rate of 5.50%. If compounding is monthly what is the APR?
If a bank pays a 6% annual percentage rate, with quarterly compounding, on deposits, what effective annual rate does the bank pay?
My bank compounds interest to my account daily. The effective rate is 4.53%. If I deposit $5,000 to this account, how much will that money grow to in 2 years (assuming of course no further deposits or withdrawals).
Bank A charges a 7.75 percent annual percentage rate and interest is due at the end of the year. Bank B charges a 7 percent annual percentage rate and interest must be paid monthly. What is the effective annual rate charged by each bank?
what effective annual rate is equivalent to a nominal rate of 14% assuming monthly compounding?
What is the effective annual rate of 5.25 compounded monthly? Show using a calculator if possible. Explain answer.
Assume a bank offers an effective annual rate of 5.64%. If compounding is quarterly what is the APR? SHOW WORK
Assume a bank offers an effective annual rate of 7.12%. If compounding is quarterly what is the APR? Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%, % sign required. Will accept decimal format rounded to 6 decimal places (ex: 0.092434)) Please show all steps for better understanding! Thanks!
Suppose that you deposit $5,000 in a bank account that yields an annual percentage rate (APR) of 6%. How much will the balance be at the end of a two-year period if the interest is paid semi-annually (that is, twice a year)? a. 5618.0 b. 5627.54 c. 6312.38 d. 5304.50
The annual percentage yield (APY) for a savings account with a monthly compounding period is O not related to the nominal interest rate. O always lower than the nominal interest rate. 0 the same as the nominal interest rate. O always higher than the nominal interest rate.