Question
An online bank is offering to pay 0.20%. interest per month on deposits. Your local bank offers to pay 0.65% interest quarterly (every 3 months).
An online bank is offering to pay 0.20%. interest per month on deposits. Your local bank offers to pay 0.65% interest quarterly (every 3 months). Which is the higher interest rate?
The EAR for the online bank is ____%? (round to 4 decimals)
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The Future Of Financea The LSE Report
Authors: Chairman Adair Turner, Paul Woolley, Andrew Dr Haldane, Richard Layard, Andrew G. Haldane, Paul Wooley
1st Edition
085328458X, 978-0853284581
