Question: Howard is saving for a holiday. He deposits a fixed amount every month in a bank account with an EAR of 14.7%. If this account

Howard is saving for a holiday. He deposits a fixed amount every month in a bank account with an EAR of 14.7%. If

Howard is saving for a holiday. He deposits a fixed amount every month in a bank account with an EAR of 14.7%. If this account pays interest every month then how much should he save from each monthly paycheck in order to have $15,000 in the account in five years' time? Select one: O a. $352 O b. $308 O c. $220 O d. $175 A bank offers a loan that will requires you to pay 8% (APR) interest compounded quarterly. Which of the following is closest to the EAR charged by the bank? Select one: O a. 14.46% O O O b. 8.24% c. 5.78% d. 8.68%

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