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AleksandrR [38]
3 years ago
5

A three-year bank CD paying 7.23 percent compounded quarterly. Calculate effective annual interest rate (EAR)? (Round answer to

2 decimal places, e.g. 15.25%.) Effective annual rate % eTextbook and Media A three-year bank CD paying 7.03 percent compounded monthly. Calculate effective annual interest rate (EAR)? (Round answer to 2 decimal places, e.g. 15.25%.) Effective annual rate % eTextbook and Media A three-year bank CD paying 7.53 percent compounded annually. Calculate effective annual interest rate (EAR)? (Round answer to 2 decimal places, e.g. 15.25%.) Effective annual rate % eTextbook and Media Which of the above investments has the highest effective annual interest rate (EAR)?
Business
1 answer:
Serggg [28]3 years ago
3 0

Answer:

Follows are the solution to the question:

Explanation:

m = 4,

EAR = (1 + \frac{0.08}{4}) \times 4-1

       =  1 + 0.02 \times 4-1\\\\=  1 + 0.08 -1\\\\= 0.08\\\\

The successful quarter cumulative rate of interest = 8.24 \%

In Method 2 use Tool in Texas:

By Using the (ICONV) worksheet:

1)

To pick the worksheet, click ICONV 2.

2)

Its previous meaning will represent the NOM.

3)

To clear the worksheet, click [CLR WORK] 2nd

Continue as below.

Displayed keystrokes:

NOM = previous value 2nd ICONV:

NOM = 0.00 2nd CLRWORK:

8 DAYS: Name = 8.00.

EFF: DownArrow = 0.00

DownArrow: C / Y = meaning previous

4)

DOS: C / Y = 5.00 p.m.

EFF: DownArrow = 0.00

CPT: FRP = 8.24

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