Question: calculate the following using the appropriate functions in Excel. A bank quotes a rate of 5.89% with an effective annual rate of 6.05%. Does the

calculate the following using the appropriate functions in Excel.

A bank quotes a rate of 5.89% with an effective annual rate of 6.05%. Does the bank use annual, quarterly, or monthly compounding? Try formula 1^st, then EFFECT, then SPIN and SOLVER

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