A Bank Offers an Interest Rate of 4% Per Annum

question 3

Multiple Choice

A bank offers an interest rate of 4% per annum compounded daily(assuming 365-day year) . What is the effective rate?

• A) 2.88%
• B) 4.01%
• C) 4.28%
• D) 3.04%
• E) 4.08%

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Definitions:

Hispanics

Individuals or communities that originate from Spanish-speaking countries, particularly those from Latin America and Spain.

Heterosexism

The belief in the natural superiority of heterosexuality as a way of life and therefore its logical right to dominance. Comprised of a system of ideas and institutionalized beliefs, it leads to the oppression of any non-heterosexual form of behaviour, identity, relationship, or community.

Same-sex Marriage

The legally or socially recognized marriage between two individuals of the same biological sex or gender identity.

Gender-neutral

Pertains to language or practices that avoid distinguishing roles or attributes according to people's sex or gender, promoting equality.