Suppose $$995$ is deposited for $7$ years in an account paying $9\mathrm{.}29\%$ interest per year compounded monthly.

Find the compound amount $($the amount that will be in the account at the end of the $7$ years$).$

Enter a number rounded to two decimal places.

$5$ points

A bank charges $1\mathrm{.}86\%$ interest compounded quarterly. What is the effective interest rate?

Enter a number rounded to two decimal places in percentage form. Do not enter a $\%$ sign.

$T$

$5$ points

Consider the difference between the annual interest rate and the effective interest rate. If the bank compounds interest once

per year then

the two interest rates are the same.

the annual interest rate is larger.

the effective interest rate is larger.

$5$ points

Consider the difference between the annual interest rate and the effective interest rate. As the number of compounding

periods per year increases so does the difference between the effective interest rate and the annual interest rate.

true

false

$5$ points

You deposit $$1,000$ in the bank at an annual interest rate of $8\%.$ Interest is compounded once per year.

In one year's time, how much is in the account? $q$

In two year's time, how much is in the account? $!$

Enter numbers rounded to two decimal places as necessary.