Question
Suppose you have $2 million in a two-year account paying 6% nominal rate compounded annually. The second bank offers you an account for two years
Suppose you have $2 million in a two-year account paying 6% nominal rate compounded annually. The second bank offers you an account for two years paying a 6% nominal rate, but compounded bi monthly (that is, 6 times a year). If you move your account to the second bank, how much additional interest will you earn over the two years?
| a | $0 | |
| b | $7,290 | |
| c | $72,903 | |
| d | $6,400 | |
| e | $64,490 |
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Investing In Cryptocurrency For Dummies
Authors: Kiana Danial
1st Edition
1394200838, 978-1394200832
