Question
I am putting $1,000,000 in a CD with a stated rate of 5.3% for one year. What would the rate be if you compounded daily,
I am putting $1,000,000 in a CD with a stated rate of 5.3% for one year. What would the rate be if you compounded daily, weekly, monthly, and semiannually? More commonly known as the Effective Annual Rate (EAR)?
Show detailed work please
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Public Finance and Public Policy
Authors: Jonathan Gruber
4th edition
1429278455, 978-1429278454
