Question

$1$

$6$

$($

$1$

$$point

$)$

Suppose a bank offers you an APR of

$1$

$2$

$\%$

$$on your investment, compounded

monthly. What must another bank offer y ou as an APR to remain competitive, if they

compound annually?

Cannot be determined from the information

$1$

$2$

$.$

$6$

$8$

$3$

$\%$

$1$

$\%$

$1$

$2$

$\%$