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26-10-2020
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What is the annually compounded rate of interest on an account with an APR of 10% and monthly compounding

Respuesta :

27-10-2020

Answer:

14.2%.

Explanation:

APR = 10 %

monthly = 10 / 12 = .8333%

effective annual with monthly compounding

= ( 1 + .008333 )¹² - 1

= 1.142-1 = .142

in percent terms it is 14.2%.

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