#2

A bank offers 6.00% on savings accounts. What is the effective annual rate if interest is compounded monthly?

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Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%, % sign required. Will accept decimal format rounded to 6 decimal places (ex: 0.092434))

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#3

A bank offers 8.00% on savings accounts. What is the effective annual rate if interest is compounded daily?

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Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%, % sign required. Will accept decimal format rounded to 6 decimal places (ex: 0.092434))

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#4

A bank offers 7.00% on savings accounts. What is the effective annual rate if interest is compounded continuously?

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Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%, % sign required. Will accept decimal format rounded to 6 decimal places (ex: 0.092434))

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#5

Assume a bank offers an effective annual rate of 7.90%. If compounding is quarterly what is the APR?

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Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%, % sign required. Will accept decimal format rounded to 6 decimal places (ex: 0.092434))

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#6

Suppose you deposit $2,181.00 into an account today that earns 8.00%. In 23.00 years the account will be worth $________.

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Answer format: Currency: Round to: 2 decimal places.

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#7

Suppose you deposit $2,187.00 into an account today. In 11.00 years the account is worth $3,782.00. The account earned ____% per year.

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Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will accept decimal format rounded to 4 decimal places (ex: 0.0924))