Calculate the Effective Annual Interest Rate If Your Bank Quotes

question 10

Multiple Choice

Calculate the effective annual interest rate if your bank quotes you 10% per annum,compounded quarterly.

• A) 14.01%
• B) 10.38%
• C) 10%
• D) 2.50%

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Definitions:

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The process by which humans acquire the capacity to perceive, produce, and use words to understand and communicate.

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