Determine whether the following statement makes sense or does not make sense, and explain your reasoning. My bank advertises a compound interest rate of 2.4%, although, without making deposits or withdrawals, the balance in my account increased by 2.43% in one year. Select the correct choices that complete the sentence below. Substituting these values in the formula for produces The statement does not make sense. The rate, t, is 2.4% or 0.024 and the number of compounding periods, n, is Y= nately 1.02 does not make sense. or makes sense at makes sense or does not make sense, and explain your reason rate of 2.4%, although, without making deposits or withdrawals, th he sentence below. he rate, , is 2.4% or 0.024 and the number of compounding p proximately 1.02, 0.024 0.24 2.4 =plain your reasoning. or withdrawals, the balance in my account increased by 2.43% in one year. compounding periods, n, is Substituting these values in the formula for 4. 12. o in one year. n the formula for produces the effective annual yield the present value for simple interest he statement does not make sense. which is approxi (1+0.024. 12) - 1. (it 0.024 12 - 1. 0.024 12 und interest rate of 2.4%, although, w aat complete the sentence below. ake sense. The rate, t, is 2.4% or 0.024 and the number of compounding which is approximately 1.02, 0.024ding 1.02. 0.329. ence below Tis 2.4% or 0.024 and the number of compounding periods, n, ately 1.02. 2.43%. 102%. 32.9% Determine whether the following statement makes sense or does not make sense, and explain your reasoning. My bank advertises a compound interest rate of 2.4%, although, without making deposits or withdrawals, the balance in my account increased by 2.43% in one year. Select the correct choices that complete the sentence below. Substituting these values in the formula for produces The statement does not make sense. The rate, t, is 2.4% or 0.024 and the number of compounding periods, n, is Y= nately 1.02 does not make sense. or makes sense at makes sense or does not make sense, and explain your reason rate of 2.4%, although, without making deposits or withdrawals, th he sentence below. he rate, , is 2.4% or 0.024 and the number of compounding p proximately 1.02, 0.024 0.24 2.4 =plain your reasoning. or withdrawals, the balance in my account increased by 2.43% in one year. compounding periods, n, is Substituting these values in the formula for 4. 12. o in one year. n the formula for produces the effective annual yield the present value for simple interest he statement does not make sense. which is approxi (1+0.024. 12) - 1. (it 0.024 12 - 1. 0.024 12 und interest rate of 2.4%, although, w aat complete the sentence below. ake sense. The rate, t, is 2.4% or 0.024 and the number of compounding which is approximately 1.02, 0.024ding 1.02. 0.329. ence below Tis 2.4% or 0.024 and the number of compounding periods, n, ately 1.02. 2.43%. 102%. 32.9%