Multiple Choice
Your local bank offers 4-year certificates of deposit (CD) at a 12 percent annual nominal interest rate compounded quarterly. Determine how much additional interest you will earn over 4 years on a $10,000 CD that is compounded quarterly compared with one that is compounded annually.
A) $6,050
B) $0
C) $310
D) $220
Correct Answer:
Verified
Correct Answer:
Verified
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