Question
A bank offers 7.00% on savings accounts. What is the effective annual rate if interest is compounded monthly? Answer format: Percentage Round to: 4 decimal
A bank offers 7.00% on savings accounts. What is the effective annual rate if interest is compounded monthly?
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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Contemporary Quantitative Finance
Authors: Carl Chiarella, Alexander Novikov
2010th Edition
3642034780, 978-3642034787
