Diane invested $4500 in an account that pays an annual interest rate of 3.7%, compounded monthly. Find the amount in the account after one year, assuming no withdrawals are made. Round the answer to the nearest cent. Find the effective annual interest rate, expressed as a percentage. Round your answer to the nearest hundredth of a percent.

Diane invested $4500 in an account that pays an annual interest rate of 3.7%, compounded monthly. Find the amount in the account after one year, assuming no withdrawals are made. Round the answer to the nearest cent. Find the effective annual interest rate, expressed as a percentage. Round your answer to the nearest hundredth of a percent.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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