Question
You are looking at opening a savings account and have seen that ANZ Bank seems to be offering a good rate on one of their
You are looking at opening a savings account and have seen that ANZ Bank seems to be offering a good rate on one of their accounts. The account would pay interest monthly. You work out that if you put $1000 in this account, you would have $1012.07 in your account at the end of the year. What would the advertised rate on this account be?
| a. | 1% p.a. compounding monthly | |
| b. | 1.2004% p.a. compounding monthly | |
| c. | 1.207% p.a. | |
| d. | 0.1% per month | |
| e. | None of them. |
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Personal Finance Turning Money into Wealth
Authors: Arthur J. Keown
8th edition
134730364, 978-0134730363
