Question
A bank advertises that it pays an APR of 12% . The same advertisement says that they pay interest at an effective annual yield of
A bank advertises that it pays an APR of
12%. The same advertisement says that they pay interest at an effective annual yield of
12.616%. How many times per year must the bank be compounding?\ Ans: Compound 6 times per year
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Elementary Statisitcs
Authors: Barry Monk
2nd edition
1259345297, 978-0077836351, 77836359, 978-1259295911, 1259295915, 978-1259292484, 1259292487, 978-1259345296
