Question
11.) You have steady employment and earn a regular salary. You have saved $5400 that you want to invest in a certificate of deposit that
11.) You have steady employment and earn a regular salary. You have saved $5400 that you want to invest in a certificate of deposit that pays a stated rate (nominal rate) of 4.6%. The interest on this CD is compounded weekly (52 weeks in a year for banking purposes). What is effective rate (annual percentage rate, APY)? (Hint: The effect rate should be greater than the nominal rate.) Show work
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Supply Chain Management Accounting Managing Profitability Working Capital And Asset Utilization
Authors: Simon Templar
1st Edition
0749472995, 978-0749472993
