You want to invest $11,000 and are looking for safe investment options. Your bank is...
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Finance
You want to invest $11,000 and are looking for safe investment options. Your bank is offering you a certificate of deposit that pays a nominal rate of 14% that is compounded bimonthly (every two months). What is the effective rate of return that you will earn from this investment?
-14.928%
-14.964%
-14.702%
-14.843%
Suppose you decide to deposit $11,000 in a savings account that pays a nominal rate of 6%, but interest is compounded daily. Based on a 365-day year, how much would you have in the account after 12 months? (Hint: To calculate the number of days, divide the number of months by 12 and multiply by 365.)
-$11,329.75
-$12,088.96
-$11,913.75
-$11,680.15
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