An account that compounds interest monthly has an annualpercentage yield of 6.2%.What is the annual interest rate for the account?O 6.38%O 3.02%O 6.03%O 6.06% An account has an annual interest rate of 5.3%, compoundedmonthly.What is the annual percentage yield?O 6.80%O 4.42%O 5.43%O 5.18%

Annual percentage yield of 6.2% is given the aim is to find the annual interest rate.

Answered: An account that compounds interest…

An account that compounds interest monthly has an annual percentage yield of 6.2%. What is the annual interest rate for the account? O 6.38% O 3.02% O 6.03% O 6.06%

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

See similar textbooks

Related questions

Q: As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI…

Q: You have a credit card with a balance of $1,500 and APR of 15% (assume simple interest)A. What is…

A: There are 52 weeks in an year. Annual percentage rate = 15%. Therefore, weekly interest rate =0.288…

Q: Using the APR table, how much interest would be charged for a $10,000 loan at 12.5% for 3 years?…

A: Consider the given information. PV=$10000 r=12.5% t=3 years And, the values are defined as.

Q: Find the amount of periodic payment necessary for the deposit to a sinking fund. (Round your answer…

Q: The principal represents an amount of money deposited in a savings account subject to compound…

A: Given that,

Q: Simple PV Interest Days Method Total Interest $61,273.00 3.19% ? Ordinary $592.58 a. 109 days O b. 3…

Q: A bank features a savings account that has an annual percentage rate 2.5% with interest compounded…

A: From the given information, the annual percentage rate is 2.5%, the interest is compounded daily and…

Q: A radio commercial for a loan company states: "You only pay 35¢ a day for each $500 borrowed." If…

Q: The principal represents an amount of money deposited in a savings account subject to compound…

A: Given problem Given that The principal represents an amount of money deposited in a savings…

Q: Calculate the annual interest that you will receive on the described bond. A $2000 Treasury bond…

Q: Find the present value for the amount given in the table. Nominal Rate 4.8% Amount $4639.28…

A: We have to find the present value using given data.

Q: Consider an investment of $1,500 for four years at 3.75% simple interest. a. Find the amount of…

Q: Find the accumulated amount at the end of 6 months on an $400 deposit in the bank paying simple…

A: Note- As per our policy we can answer only 1st question. If you want solutions for other, then you…

Q: The principal P is borrowed at a simple interest rate r for a period of time t. Find the loan's…

A: Given problem Given that The principal P is borrowed at a simple interest rate r for a period of…

Q: Calculate the annual interest (in $) and current yield (as a %) of the bond. (Round your percentage…

Q: Kaitlin's crédit card account charges an annual interest rate of 17.52%. What is the daily interest…

A: Given annual interest rate=17.52%

Q: Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary…

A: Let the annual rate of interest be r%. Then, Interest = Prt/100 P : Principal amount r :…

Q: An online bank offers an 6% APR with daily compounding. Your local bank account pays interest every…

A: Daily compounding APR interest rate =6%We have to find interest rate for 6 months.Formula for…

Q: Find the amount of periodic payment necessary for the deposit to a sinking fund. (Round your answer…

Question

100%

An account that compounds interest monthly has an annual
percentage yield of 6.2%.
What is the annual interest rate for the account?
O 6.38%
O 3.02%
O 6.03%
O 6.06%

An account has an annual interest rate of 5.3%, compounded
monthly.
What is the annual percentage yield?
O 6.80%
O 4.42%
O 5.43%
O 5.18%

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.) AmountFinanced InterestRate Termof Loan(years) MonthlyPI AnnualPropertyTax AnnualInsurance MonthlyPITI $230,000 9.50% 25 $ $6,573 $2,126 $
Susan has a 25-year home mortgage of $213,570 at 4.75% interest and will pay $1,727 annual insurance premium. Her annual property tax will be $2,173. Find her monthly PITI payment. (Round to the nearest cent as needed.) Data table Years Annual interest rate financed 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50% 4.75% 5.00% 5.25% 5.50% 5.75% 6.00% 6.25% 6.50% 6.75% 10 9.66 9.77 9.89 10.01 10.12 10.24 10.36 10.48 10.61 10.73 10.85 10.98 11.10 11.23 11.35 11.48 12 8.28 8.40 8.51 8.63 8.76 8.88 9.00 9.12 9.25 9.37 9.50 9.63 9.76 9.89 10.02 10.15 15 6.91 7.03 7.15 7.27 7.40 7.52 7.65 7.78 7.91 8.04 8.17 8.30 8.44 8.57 8.71 8.85 17 6.26 6.39 6.51 6.64 6.76 6.89 7.02 7.15 7.29 7.42 7.56 7.69 7.83 7.97 8.11 8.25 20 5.55 5.67 5.80 5.93 6.06 6.19 6.33 6.46 6.60 6.74…
Use PMT = . Round to the nearest dollar. Suppose that you borrow $10,000 for four years at 7% toward the purchase of a car. Find the monthly payments and the total interest for the loan. A.$281; $13,488 B.$239; $1472 C.$624; $19,952 D.$239; $11,472
You deposited $5,000 in a bank t years ago. Your current account balance is $8,200, and the bank compounded interest monthly at an interest rate of 3.5%. How long ago did you deposit the money? That is, find t. Round your answer to the nearest tenth of a year.
The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. Principal Rate Compounded Time $90,000 3.5% daily 15 years A. Find how much money there will be in the account after the given number of years. B. Find the interest earned.
As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.) AmountFinanced InterestRate Termof Loan(years) MonthlyPI AnnualPropertyTax AnnualInsurance MonthlyPITI $127,700 6.75% 15 $ $2,370 $1,325 $
A principal amount of 6,000 will be placed in a savings account. A simple interest account earns an annual percentage of 6.8%, while a compund interest account has an APR of 3.7% compunded quartely. Which account has a larger balance after 20 years?
Suppose you have $1400 in your savings account at the end of a certain period of time. You invested $1200 at a 6.4% simple annual interest rate. How long, in years, was your money invested? State your result to the nearest hundredth of a year. Submit Question
An account that compounds interest daily has an annual percentage yield of 5.9%. What is the annual interest rate for the account? Round your answer to the nearest tenth of a percent.
The principal represents an amount of money deposited in a Principal Rate savings account subject to compound interest at the given rate. $10,000 4% A. Find how much money there will be in the account after the given number of years. B. Find the interest earned. Click the icon to view some finance formulas. Can A. The amount of money in the account after 3 years is $ (Round to the nearest hundredth as needed.) B. The amount of interest earned is $. (Round to the nearest hundredth as needed.) Compounded quarterly Time 3 years
Calculate the annual interest (in $) and current yield (as a %) of the bond. (Round your percentage to one decimal place.) Company Coupon Rate Annual Interest Market Price Current Yield Company 5 8.25% $ 103.00