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antoniya [11.8K]
3 years ago
14

Henry's savings account has an APR of 3.65%, calculates interest daily, and pays interest at the end of the month.

Mathematics
2 answers:
polet [3.4K]3 years ago
6 0

Answer:

daily interest rate is 3.717%

monthly interest rate is 3.712%

Step-by-step explanation:

We are given

APR=3.65%

We can use formula

EAR=(1+\frac{APR}{m})^{m}-1

where

EAR is effective interest rate

APR is annual interest rate

m is number of periods

(a)

For daily:

APR=3.65%=0.0365

m=365

so, we can plug this value

EAR=(1+\frac{0.0365}{365})^{365}-1

EAR=0.03717

So, daily interest rate is 3.717%

(b)

For monthly:

APR=3.65%=0.0365

m=12

so, we can plug this value

EAR=(1+\frac{0.0365}{12})^{12}-1

EAR=0.03712

So, monthly interest rate is 3.712%


mestny [16]3 years ago
5 0

Answer:

he means 2.30 my dude

Step-by-step explanation:

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