You are looking at opening a savings account and have seen that ANZ Bank seems to be offering a good rate on one of their accounts. The account would pay interest monthly. You work out that if you put $1000 in this account, you would have $1012.07 in your account at the end of the year. What would the advertised rate on this account be?

 

	a.	1% p.a. compounding monthly
	b.	1.2004% p.a. compounding monthly
	c.	1.207% p.a.
	d.	0.1% per month
	e.	None of them.

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