7,8

Question 7 1 pts A bank offers you 12 percent per year compounded monthly (1 percent per month) on deposits. If you deposit $8,191 today, the amount you will have in 3 years is: Answer to two decimals. Question 8 1 p Lee pays 1 percent per month interest on his credit card account. When his monthly rate is multiplied by 12, the resulting answer is referred to as the: effective annual rate compounded rate. annual percentage rate