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4 years ago

Which account has the highest effective annual interest rate? Not necessary but please show how you got your answer.

Mathematics

2 answers:

marishachu [46]4 years ago

5 0

Answer:

A. 4.20% compounded quarterly

Step-by-step explanation:

The effective annual multiplier on an account with annual interest rate r compounded n times per year is ...

(1 +r/n)^n

When doing multiple evaluations of the same expression, it is convenient to let a spreadsheet or calculator do them from a list of inputs. In the attached, we round the result to 4 decimal places to make comparison easier.

The highest effective rate is 4.2% compounded 4 times per year.

____

<em>Example calculation</em>

(1 +0.042/4)^4 = 1.0105^4 = 1.0426661426550625 ≈ 1.0427

Tems11 [23]4 years ago

3 0

D. 4.25 is the correct answer for this

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Step-by-step explanation:

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