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Apple State Bank and Trust is offering a special deal on savings accounts. The accounts have a stated APR of 6%, but if you deposit a minimum of $1,000, the interest will compound monthly. Assuming you deposit the $1,000 minimum, what will be your EAR on the account? Apple State Bank and Trust is offering a special deal on savings accounts. The accounts have a stated APR of 6%, but if you deposit a minimum of $1,000, the interest will compound monthly. Assuming you deposit the $1,000 minimum, what will be your EAR on the account?
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Answer rating: 100% (QA)
The Effective Annual Rate EAR is the true rate of return for an account taking int... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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