Six years ago juanita put 2000 in a special bank account, Ask an Expert

Economics

Six years ago Juanita put $2000 in a special bank account. Today, her account shows $3425. She thinks that this is a good deal and would like to tell her friends about it tonight. The bank is already closed, however, and the only thing she is sure of is that the account pays interest compounded monthly. Compute the nominal annual interest and the effective annual interest for this account.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91995442

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