Problembright star bank pays a nominal annual interest rate, Ask an Expert

Finance

Problem:

Bright star bank pays a nominal annual interest rate of 11.36 percent compounded quarterly on your savings account.

Required:

Calculate the effective annual rate or EAR (answer plus units) round 2 decimal places. Explain in detail and please provide all workings.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91146323

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