Question
Leah's bank account earns interest at a rate of 10.24% APR compounded monthly. Eric's bank account earns 10.35% APR compounded quarterly. Over the course of
Leah's bank account earns interest at a rate of 10.24% APR compounded monthly. Eric's bank account earns 10.35% APR compounded quarterly. Over the course of one year, who earns the highest return on their bank accounts?
Multiple Choice
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Eric, because his APR is greater than Leah's APR.
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Leah, because her APR is greather than Eric's APR.
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Leah, because her APR is less than Eric's APR
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Eric, because his EAR is greater than Leah's EAR.
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Leah, because her EAR is greater than Eric's EAR.
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Public Finance In Canada
Authors: Harvey S. Rosen, Wen, Snoddon
4th Canadian Edition
0070071837, 978-0070071834
