A bank gives a rate of interest of 2 percent per week compounded daily. What would be the monthly equivalent rate of return assuming there are 4 weeks in a month.
A bank gives a rate of interest of 2 percent per week compounded daily. What would be the monthly equivalent rate of return assuming there are 4 weeks in a month.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:. A bank gives a rate of
interest of 2 percent per
week compounded daily.
What would be the monthly
equivalent rate of return
assuming there are 4 weeks
in a month.
Mark all that apply
☐ 8%
8.12 %
8.31 %
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