You deposit $ 870 into your bank and it grows to $ 2,175 in 14 years. Your
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Question:
You deposit $ 870 into your bank and it grows to $ 2,175 in 14 years. Your bank pays interest compounded monthly. What was the annual percentage rate (APR)? What was the effective annual rate (EAR)? Round your percentage answer to two decimal places (e.g. 9.48%)
Expert Answer:
To calculate the Annual Percentage Rate APR and the Effective Annual Rate EAR we can use the followi... View the full answer
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