Choose the One Alternative That Best Completes the Statement or Answers

question 506

Multiple Choice

Choose the one alternative that best completes the statement or answers the question.
Solve the problem.
-A local bank advertises that it pays interest on savings accounts at the rate of 3% compounded monthly. Find the effective rate. Round answer to two decimal places.

• A) 3.04%
• B) 36%
• C) 3.40%
• D) 3.44%

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Definitions:

Groupthink

A psychological phenomenon where the desire for harmony or conformity in a group results in an irrational or dysfunctional decision-making outcome.

Preventing Groupthink

Strategies or methods employed to ensure that decision-making within a group is based on critical thinking and not on the desire for harmony or conformity.

Meritocracy

A system or society in which people are selected, rewarded, and advanced in accordance with their talents, abilities, and efforts rather than their social status or background.

Group Cohesion

The bonding together of members of a group, resulting in a strong sense of collective identity, loyalty, and togetherness.