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What is the effective annual rate for an APR of 16.10 percent compounded monthly? 17.10% 18.21% 16.24% 17.22% 17.34% You are going to deposit $3,100

What is the effective annual rate for an APR of 16.10 percent compounded monthly?

  • 17.10%

  • 18.21%

  • 16.24%

  • 17.22%

  • 17.34%

You are going to deposit $3,100 in an account that pays .37 percent interest compounded monthly. How much will you have in 7 years?

  • $4,227.58

  • $4,201.75

  • $4,211.99

  • $4,243.22

  • $4,231.80

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