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Charter Bank pays a 5.20% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF%) does the bank pay? 5.33% 4.42% 5.65% 4.31%
Charter Bank pays a 5.20% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF%) does the bank pay?
| 5.33% | ||
| 4.42% | ||
| 5.65% | ||
| 4.31% | ||
| 4.05% |
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Multinational Financial Management
Authors: Alan C. Shapiro
7th Edition
0471395307, 9780471395300
