Question: Multiple Choice Interest Rate Per Month Question Please explain and show work. The balance in your saving account on 01/01/2013 was $12,000. On 01/01/2016 you

Multiple Choice Interest Rate Per Month Question

Please explain and show work.

The balance in your saving account on 01/01/2013 was $12,000. On 01/01/2016 you check the balance again, and it is $12, 894. The bank computes the interest rate compounded monthly. What is the interest rate per month? 0.10% 0.15% 0.20% 0.25% 0.30%

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Multiple Choice Interest Rate Per Month Question Please explain and show work. You have $130,000 today and want to deposit it into a saving account at Houston Cougar Bank. The clerk at the bank says...

1. Obrien Group wishes to accumulate funds to provide a retirement annuity for its Director of Research, Peter Alexander; Mr. Alexander by contract will retire at the end of exactly 12 years.On...

Once you have completed the Chapter 1-6 materials and quizzes you may begin the Midterm project. The Midterm is based on completing all the work for AirCare Services, Chapter 7 in the Using Sage 50...

for this assignment please read the background, and answer the following questions on pages 4-5. Also please complete and show work on the ratio worksheet pages 8-9. Please show work. please answer...

1.Which of the following costs are variable? Cost 10,000 Units 30,000 Units 1. $100,000 $300,000 2. 40,000 240,000 3. 90,000 90,000 4. 50,000 150,000 A) 1 and 2 B) 1 and 4 C) only 1 D) only 2 ___ 2....

I need someone that is very good at Principles of accounting and finance to answer the attached questions. It is not a one-day job therefore if you do not have the time, please don't attempt it. The...

hOW TO CREATE GENERAL JOURNAL USING GIVEN DATA After completing this chapter, you should be able to ' NOTES Air Care Services l0!) Balair Avenue, Unit 25 Regina, SK S4T 4lJZ Tel 1: (306) 4564299 Tel...

Further Mathematics Unit 3 Page 1 Week 11SEND Work SEND: Work for Submission 11 (2022) 1. Tom breeds birds. He started with 10 000 birds. The bird population increases on average 20% per year. a)...

I need with these problems/exercises listed below (chapters attached). You must use the chapters to fill out the guidance report which is attached. Using the data for March/April Column. Chapter...

In the Solow model, how does the rate of population growth affect the steady-state level of income? How does it affect the steady-state rate of growth?

Two straight sections of road are to be linked by a wholly transitional curve comprising two clothoid spiral curves with differing rates of gain of radial acceleration. Deflection angle between the...

Which of the following statements regarding the premium tax credit ( PTC ) is INCORRECT? Select one: a . ARPA changed the PTC so that all individuals with premiums in excess of 8 . 5 % of their...

-/1 View Policies Current Attempt in Progress The following amortization and interest schedule reflects the issuance of 10-year bonds by Bridgeport Corporation on January 1, 2014, and the subsequent...