Multiple Choice
Deon has $4000.00 invested at 4.5% compounded semi-annually at her bank. In order to make a comparison with another financial institution she needs to know the effective rate of interest at her bank. What is the effective annual rate of interest?
A) 1.12%
B) 2.28%
C) 9.10%
D) 4.55%
E) 4.5%
Correct Answer:
Verified
Correct Answer:
Verified
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