In 2014, Bank A paid 2% interest, compounded daily, on a 4-year CD, while the Bank B paid 2% compounded quarterly. a. What are the effective rates for the two CDs? Use a 365-day year. b. Suppose $4000 was invested in each of these accounts. Find the compound amount after four years for each account. a. The effective rate for Bank A is %. (Type an integer or decimal rounded to three decimal places as needed) The effective rate for Bank B is % (Type an integer or decimal rounded to three decimal places as needed) b. For Bank A, the compound amount after four years is S (Do not round until the final answer. Then round to the nearest cent as needed) For Bank B, the compound amount after four years is S (Do not round until the final answer. Then round to the nearest cent as needed )

In 2014, Bank A paid 2% interest, compounded daily, on a 4-year CD, while the Bank B paid 2% compounded quarterly. a. What are the effective rates for the two CDs? Use a 365-day year. b. Suppose $4000 was invested in each of these accounts. Find the compound amount after four years for each account. a. The effective rate for Bank A is %. (Type an integer or decimal rounded to three decimal places as needed) The effective rate for Bank B is % (Type an integer or decimal rounded to three decimal places as needed) b. For Bank A, the compound amount after four years is S (Do not round until the final answer. Then round to the nearest cent as needed) For Bank B, the compound amount after four years is S (Do not round until the final answer. Then round to the nearest cent as needed )

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,...

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Question

In 2014, Bank A paid 2% interest, compounded daily, on a 4-year CD, while the Bank B paid 2% compounded quarterly.
a. What are the effective rates for the two CDs? Use a 365-day year
b. Suppose $4000 was invested in each of these accounts. Find the compound amount after four years for each account.
a. The effective rate for Bank A is %.
(Type an integer or decimal rounded to three decimal places as needed)
The effective rate for Bank B is %.
(Type an integer or decimal rounded to three decimal places as needed)
b. For Bank A, the compound amount after four years is S
(Do not round until the final answer. Then round to the nearest cent as needed
For Bank B, the compound amount after four years is $
(Do not round until the final answer Then round to the nearest cent as needed.)

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