Question
A bank quotes a stated annual interest rate of 4.00%. If that rate is equal to an the effective annual rate of 4.06%, then the
A bank quotes a stated annual interest rate of 4.00%. If that rate is equal to an the effective annual rate of 4.06%, then the bank is compounding interest:
(Hint: You can plug in your answer choices to see which ones satisfy)
A) Annually
B) Semiannually
C) Quarterly
D) Daily
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Matlab An Introduction with Applications
Authors: Amos Gilat
5th edition
1118629868, 978-1118801802, 1118801806, 978-1118629864
