The treasurer of National Credit union proposes changing the method of compounding interest on premium savings accounts

Question:

The treasurer of National Credit union proposes changing the method of compounding interest on premium savings accounts to daily compounding. If the current rate is 6% compounded quarterly, what nominal rate should the treasurer suggest to the board of directors to maintain the same effective rate of interest?
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

Question Posted: