Narrative 11-1 Solve the Following Problems Using Either Tables 11-1 or 11-2

question 73

Multiple Choice

Narrative 11-1
Solve the following problems using either Tables 11-1 or 11-2 from your text. When necessary, create new table factors. (Round new table factors to five decimal places, round dollars to the nearest cent and percents to the nearest hundredth of a percent)
-Refer to Narrative in your text 11-1. Anibal invests $5,000 at 12% interest, compounded quarterly for 1 year. Calculate the effective interest rate for his investment. (Round to nearest hundredth percent)

• A) 10.12%
• B) 12.55%
• C) 12.15%
• D) 12.50%