Question: Check Your Progress 7 1. A credit union offers a certificate of deposit at an annual interest rate of 7%, compounded monthly. Find the effective

Check Your Progress 7 1. A credit union offers a certificate of deposit at an annual interest rate of 7%, compounded monthly. Find the effective rate. Round to the nearest hundredth of a percent. Use the compound amount formula to find the future value of $200 after 1 year. Check Your Progress 8 1. One bank advertises an interest rate of 10.25%, compounded quarterly, on a certificate of deposit. Another bank advertises an interest rate of 10.75%, compounded monthly. Which investment has the higher annual yield? Act

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