Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

An amount of $ 8 0 0 . 0 0 earns $ 4 0 0 . 0 0 interest in four years, six months. What

An amount of $800.00 earns $400.00 interest in four years, six months. What is the effective annual rate if interest compounds quarterly?
The effective annual rate of interest as a percent is %.
(Round the final answer to four decimal places as newed. Round all intermediate values to six decimal places as needed.)
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions

Question

Is the PHQ-9 a ordinal or ratio scale of measurement? Thanks!

Answered: 1 week ago