You can deposit your savings at the Darlington National Bank, which offers to pay 12.6 percent interest compounded monthly, or at the Barlett Bank, which will pay interest of 11.5 percent compounded daily. (Assume 365 days in a year
) Which bank offers the higher effective annual rate?
A) Darlington National Bank
B) Barlett Bank
C) Both banks offer the same effective rate.
D) Cannot be determined from the information provided.
E) Workable only if the banks use the same compounding period.
A
You might also like to view...
What is the first step in selecting commercial refrigeration equipment for new installations?
Pam developed an application for the iPhone that Apple sells to their customers. Through what revenue model does Pam get revenue?
a. licensing revenue model b. intermediation c. copyright d. advertising revenue model
Successful brand extension does not add to the parent brand value.
a. True b. False
A will can be an informal document and need not follow statutory requirements
Indicate whether the statement is true or false