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1."You deposit $1600 into a savings account that is compounded daily. At the end of 3 years, you have $1750.67 in the account. Assuming you only have made that single deposit and you made no withdrawals, what is the nominal interest rate for this savings account? Assume 365 days per year. Enter your answer as a percentage between 0 and 100."

2. A certificate of deposit (CD) offers a daily rate of 0.01% compounded daily. What is the effective monthly interest rate? You should assume 30 days per month. Express your answer as percentage between 0 and 100 rounded to the nearest hundreth of a percent.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92642199

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