Explain why the interest rate on a one-year bank account paying interest monthly is not just one-twelfth
Question:
Explain why the interest rate on a one-year bank account paying interest monthly is not just one-twelfth the interest rate on a one-year bank account paying interest annually.
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The monthly interest rate compounds interest more frequently than an annual int...View the full answer
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Related Book For 
Accounting For Decision Making And Control
ISBN: 9780078136726
7th Edition
Authors: Jerold Zimmerman
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