ZuoTi.Pro
Question


29. You plan to invest some money in a bank account. Which of the following banks provides you wi highest effective rate of i


American Express and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements
business   finance   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

fix =EFFECT(B1,12) ВЗ А В 0.18 1 APR 2 Number of periods per year 3 Effective Rate 12 -EFFECT(B1,12)

EF X Вз В 1 APR 18% 2 Number of periods per year 3 Effective Rate 12 19.56%

0 0
Add a comment
Know the answer?
Add Answer to:
29. You plan to invest some money in a bank account. Which of the following banks provides you wi highest effe...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Finance American Express and other credit card issuers must by law print the Annual Percentage Rate...

    Finance American Express and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 20.75%, with interest paid monthly, what is the card's EFF%? Select the correct answer. a. 20.4495 b. 22.8496 c. 27.6496 d. 15.64% O O e. 18.0496

  • Attempts: Score: 1 29. Chapter MC, Sections, Problem 135 stated to be 24 50%, with interest...

    Attempts: Score: 1 29. Chapter MC, Sections, Problem 135 stated to be 24 50%, with interest paid Master Card and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the AP monthly, what is the card's

  • .NEED ANSWER ASAP / ANSWER NEVER USED BEFORE, COMPLETELY NEW ANSWER PLEASE a.) Suppose you just...

    .NEED ANSWER ASAP / ANSWER NEVER USED BEFORE, COMPLETELY NEW ANSWER PLEASE a.) Suppose you just won the state lottery, and you have a choice between receiving $3,550,000 today or a 20-year annuity of $250,000, with the first payment coming one year from today. What rate of return is built into the annuity? Disregard taxes. Select the correct answer. a. 1.91% b. 2.71% c. 4.31% d. 3.51% e. 5.11% b.) What's the present value of $6,000 discounted back 5 years...

  • Rachel is advising Gunther on selecting a savings account. Which of the following banks provides Gunther...

    Rachel is advising Gunther on selecting a savings account. Which of the following banks provides Gunther with the highest effective rate of interest? A). Bank 1; 6.1% with annual compounding. B). Bank 2; 6.0% with monthly compounding. C). Bank 3; 6.0% with annual compounding. D). Bank 4; 6.0% with quarterly compounding. E). Bank 5; 6.0% with daily (365-day) compounding.

  • You plan to invest an amount of money in five-year certificate of deposit (CD) at your...

    You plan to invest an amount of money in five-year certificate of deposit (CD) at your bank. The stated interest rate applied to the CD is 12 percent, compounded monthly. How much must you invest if you want the balance in the CD account to be $8,500 in five years? Please explain the formula.

  • 7. You plan to borrow money to buy a snowmobile. You find the following three banks...

    7. You plan to borrow money to buy a snowmobile. You find the following three banks that offer the same APR and the same total number of years, but different payment intervals. Which bank would you prefer to borrow from? A) Bank A which compounds quarterly B) Bank B which compounds monthly C) Bank C which compounds daily D) You would need to know the APR in order to determine which would be the best choice

  • You plan to invest your money either in a Bank CD paying 3% per year or...

    You plan to invest your money either in a Bank CD paying 3% per year or a Mutual fund with an expected return of 6%. You have $300,000 to invest for 7 years. How much more money will you have at the end of 7 years if you invest in the Mutual fund? $367,491 $227,682 $198,671 $128,540 $ 82,127 On August 1, you borrow $180,000 to buy a house. The mortgage rate is 7.0 percent. The loan is to be...

  • An investor can invest money with a particular bank and eam a stated interest rate of...

    An investor can invest money with a particular bank and eam a stated interest rate of 15.40%; however, interest w be compounded quarterly. What are the nominal, periodic, and effective interest rates for this investment opportunity? Interest Rates Nominal rate Periodic rate Effective annual rate Rahul needs a loan and is speaking to several lending agencies about the interest rates they would charge and the terms they offer. He particularly likes his local bank because he is being offered a...

  • d. 12% nominal rate, monthly compounding 2. You plan to invest an amount of money in...

    d. 12% nominal rate, monthly compounding 2. You plan to invest an amount of money in five-year certificate of deposit (CD) at your bank. The stated interest rate applied to the CD is 12 percent, compounded annually. How much must you invest if you want the balance in the CD account to be $8,500 in five years? 3. You deposited $1,000 in a savings account that pays 8 percent interest, compounded annually, planning to use it to finish your last...

  • Assignment (Time Value of Money) 1. What is the selling price today of a bond with...

    Assignment (Time Value of Money) 1. What is the selling price today of a bond with a face value of $100,000,4% coupon paid annually and maturity of 10 years if market interest rates are: b. 6% c. 2% 2. In exchange for a $20,000 payment today, a well-known company will allow you to choose one of the alternatives shown in the following table, your opportunity cost is 11% Alternative Single Amount $28,000 at the end of 3 years $54,000 at...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT