Blake Hamilton has money in a savings account that earns an interest rate of 6.5% monthly. What is the effective rate of interest on Blake's savings. Select the correct response: 6.53% 6.697% O 7.2% 7%

Blake Hamilton has money in a savings account that earns an interest rate of 6.5% monthly. What is the effective rate of interest on Blake's savings. Select the correct response: 6.53% 6.697% O 7.2% 7%

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 4QTD

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Question

Blake Hamilton has money in a savings account that earns an interest rate of 6.5% monthly. What is the
effective rate of interest on Blake's savings.
Select the correct response:
6.53%
6.697%
O 7.2%
7%

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