In november 2 0 0 6 the bank of america offered a 1 2 month certificate of

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In november

2006

the bank of america offered a

12

month certificate of deposit at a nominal rate of

3.6 % .

What is the effective intrest rate rounded to three decimal places if the bank compounds monthly? How about Continuously?

Related Book For answer-question

Financial And Managerial Accounting The Basis For Business Decisions

ISBN: 9781260247930

19th Edition

Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello

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Posted Date: Apr 01, 2024 02:20 AM

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In november 2 0 0 6 the bank of america offered a 1 2 month certificate of

Question:

Expert Answer:

To calculate the effective interest rate when compounding monthly we can use the formula for compoun... View the full answer

Financial And Managerial Accounting The Basis For Business Decisions

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