on help (Solving for n with non-annual periods) Approximately how many years would it take for an investment to grow sevenfold if it were invested at 16 percent compounded monthly? Assume that you invest $1 today If you invest $1 at 16 percent compounded monthly, about how many years would it take for your investment to grow sevenfold to $7? (Hint Remember to convert your calculator solution to years.) years (Round to one decimal place) (Related to Checkpoint 5.7) (Calculating an EAR) Your grandmother asks for your help in choosing a certificate of deposit (CD) from a bank with a one-year maturity and a fixed interest rate. The first certificate of deposit, CD #1, pays 3.95 percent APR compounded quarterly, while the second certificate of deposit, CD #2, pays 4.00 percent APR compounded monthly What is the effective annual rate (the EAR) of each CD, and which CD do you recommend to your grandmother? if the first certificate of deposit, CD #1, pays 3.95 percent APR compounded quarterly, the EAR for the deposit is 401% (Round to two decimat places If the second certificate of deposit, CD #2, pays 4.00 percent APR compounded monthly, the EAR for the deposit is 30.56% (Round to two decimal places )