What Is the Annually Compounded Rate of Interest on an Account

question 43

Multiple Choice

What is the annually compounded rate of interest on an account with an APR of 10% and monthly compounding?

• A) 10.00%
• B) 10.47%
• C) 10.52%
• D) 11.05%

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Definitions:

Myelin

A fatty covering that insulates nerve fibers in the brain, spinal cord, and peripheral nerves, speeding the transmission of nerve impulses.

Action Potential

A rapid rise and subsequent fall in voltage or membrane potential across a cellular membrane, a process allowing neurons to transmit signals.

Membrane Potential

Voltage difference across a cell membrane.

Potassium

Potassium is a chemical element with the symbol K, necessary for the functioning of all living cells and vital for heart, muscle, and nerve functions.