Multiple Choice
Bank One offers a passbook account with a 3.55% annual rate, compounded quarterly.Bank Two offers a money market account at 3.5%, compounded monthly.Find the better growth by calculating the
Effective rates.What is the greater effective rate?
A) 3.60%
B) 3.56%
C) 0.04%
D) 0.04%.
E) none of the above
Correct Answer:
Verified
Correct Answer:
Verified
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