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Nana76 [90]
3 years ago
13

You want to invest $24,000 and are looking for safe investment options. Your bank is offering you a certificate of deposit that

pays a nominal rate of 6% that is compounded quarterly. What is the effective rate of return that you will earn from this investment
Business
1 answer:
lys-0071 [83]3 years ago
4 0

Answer:

6.14%

Explanation:

The offered investment has a nominal rate (N) of 6% compounded quarterly (n=4 times a year). The effective rate of return (R) is obtained by:

R = (1+\frac{N}{n})^n-1\\R = (1+\frac{0.06}{4})^4-1\\R=0.0614=6.14\%

The effective rate of return that you will earn from this investment is 6.14%.

*Note that the amount invested is not relevant when determining the effective rate of return, which means that the rate would be the same for any amount.

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