Question: The effective interest is 2 . 5 1 per month. What is the nominal interest rate per year? Express your answer as a percentage rounded
The effective interest is per month. What is the nominal interest rate per year?
Express your answer as a percentage rounded to the nearest onehundredth decimal place for example, enter for an answer of
$ is deposited monthly into an account that pays nominal annual interest of compounded monthly. What is the balance of the account after deposits?
Note: You will likely need to use the interest formula to find the answer as you won't have an interest table corresponding to the interest rate per compounding period.
$ is being deposited at the end of each year into an account that pays nominal annual interest of compounded monthly. How much is in the account immediately
after deposits?
Note: You will need to use the interest formula to find the answer as there won't be an interest table corresponding to the interest rate per compounding period.
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