Ed Sullivan deposited $14,000 at Roll Bank at 8% interest compounded semiannually. What was the effective...
Ed Sullivan deposited $14,000 at Roll Bank at 8% interest compounded semiannually. What was the effective rate (APY)? Round to nearest hundredth percent.
Homework Answers
Ans 8.16%
| EAR = | ( 1 + r )^n - 1 |
| Compounded Semi-Annually | |
| EAR= | ( 1 + 8%/2)^2 - 1 |
| EAR= | 8.16% |
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Ed Sullivan deposited $14,000 at Roll Bank at 8% interest
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