Fifth Fourth National Bank has a savings program which will guarantee you $14,500 in 11 years if you deposit $95 per month. What APR is the bank offering you on this savings plan? Multiple Choice A. 2,40% B. 2.60% C. 2.87% D. 2.89% E. 2.97%
Fifth Fourth National Bank has a savings program which will guarantee you $14,500 in 11 years if you deposit $95 per
month. What APR is the bank offering you on this savings plan?
Multiple Choice
A. 2,40%
B. 2.60%
C. 2.87%
D. 2.89%
E. 2.97%
The Future Value of the Annuity refers to the sum value of all the payments which is occurred regularly at a specific time interval being daily, weekly, monthly, bi-monthly, quarterly, semi -annually, annually etc. at a specified date in the future by taking into consideration a specific discount rate or rate of return. There exists a positive relationship between the discount rate and the future value of the annuity.
The Annual Percentage raute (APR) is the percentage rate that shows the interest rate calculates on the percentage of the principal. It is the interest paid on the investment without taking the compounding of interest in that year.
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