Bank A has an effective annual interest rate of 10%. Bank B has a nominal annual interest
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Question:
Bank A has an effective annual interest rate of 10%. Bank B has a nominal annual interest rate of 9.6%.
a) What is the minimum number of times per year Bank B must compound their rate to be at least as attractive as Bank A?
b) Same as a) but Bank B’s nominal rate is 9.5%.
Related Book For
Digital Systems Design Using Verilog
ISBN: 978-1285051079
1st edition
Authors: Charles Roth, Lizy K. John, Byeong Kil Lee
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