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A bank claimed that $1000 deposit in its saving account will become $3000 in 5 years. What is the annual effective interest rate? (The bank

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A bank claimed that $1000 deposit in its saving account will become $3000 in 5 years. What is the annual effective interest rate? (The bank compounds monthly) 22.17% 14.40% 24.57% 15.39% A bank claimed that $1000 deposit in its saving account will become $3000 in 5 years. What is the nominal interest rate? (The bank compounds monthly) 24.57% 1.85% 22.17% 14.40%

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