A bank is offering to sell 6-month certificates of deposit for $9500. At the end of 6
Question:
A bank is offering to sell 6-month certificates of deposit for $9500. At the end of 6 months, the b~ will pay $10,000 to the certificate owner. Based on a 6-month interest period, compute the nominal annual interest rate and the effective annual interest rate
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
P 4500 F 10000 i n 1 six month interest period F ...View the full answer
Answered By
Usman Nasir
I did Master of Commerce in year 2009 and completed ACCA (Association of Chartered Certified Accountants) in year 2013. I have 10 years of practical experience inclusive of teaching and industry. Currently i am working in a multinational company as finance manager and serving as part time teacher in a university. I have been doing tutoring via many sites. I am very strong at solving numerical / theoretical scenario-based questions.
16+ Reviews
28+ Question Solved
Related Book For 
Question Posted:
