A company made a deposit of $ 10,000 (the present value) in a ten-month term account, with interest compounded monthly. At the end of the operation, the amount obtained was $ 11,200. What was the annual and monthly interest rate of the operation?

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A:

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Q: n digital format 2. A company made a deposit of $ 10,000 (the present value) in a ten-month term…

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A: Compound Interest = P(1+r)^t - PWhere P = Principal = PhP 52,738R = Rate on interest = 3.7% / 12 =…

Q: ocasionally a savings account may actually pay interest compounded continuously. For each deposit,…

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A: Future value refers to the value of future cash flow at a future date. It can be determined by…