Bank Account Pays an 8% Nominal Rate of Interest

question 79

Multiple Choice

bank account pays an 8% nominal rate of interest.The interest is compounded quarterly.Which of the following statements is CORRECT?

• A)The periodic rate of interest is 2% and the effective rate of interest is 4%.
• B)The periodic rate of interest is 8% and the effective rate of interest is greater than 8%.
• C)The periodic rate of interest is 4% and the effective rate of interest is less than 8%.
• D)The periodic rate of interest is 2% and the effective rate of interest is greater than 8%.
• E)The periodic rate of interest is 8% and the effective rate of interest is also 8%.

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Definitions:

Ions

Atoms or molecules with a net electric charge due to the loss or gain of one or more electrons.

Molecules

The smallest unit of a chemical compound that can retain the chemical properties of the compound, consisting of one or more atoms bonded together.

First Law of Thermodynamics

This principle states that energy cannot be created or destroyed, only transformed from one form to another, implying that the total energy in an isolated system remains constant.

Concentrated Energy

Energy that is intensified or focused within a small area or volume, often for the purpose of efficient transmission or usage.