Find the average compound monthly interest rate

Reference no: EM131947298

Question: Bob puts 10,000 into a bank account that has monthly compounding with interest credited at the end of each month. The monthly interest rate is 1% for the first 3 months of the account and after that the monthly interest rate is .75%. Find the balance in Bob's account at the end of 12 months just after interest has been credited. Find the average compound monthly interest rate on Bob's account for the 12 month period.

Reference no: EM131947298

Questions Cloud

Categories in programming languages : What are the basic instruction (statement) categories in programming languages?

Provide the kams with training on motivating their team : If Luke decides to invite any of the VPs or District Managers to the two days of training, what role should they play? Why?

Asset management profitability and use of leverage : Using peer group analysis and ratio analysis to evaluate these firms’ relative performance in three areas: asset management profitability and use of leverage.

Logic and pseudocode for a database : The aim of this project write the Logic and Pseudocode for a database consisting of two major sets of tables - personal related and medical related.

Find the average compound monthly interest rate : Bob puts 10,000 into a bank account that has monthly compounding with interest credited at the end of each month. The monthly interest rate is 1% for the first.

How important is organization fit for outback steakhouse : We explain to applicants that being an Outbacker means taking care of others, and we tell them how they will be held accountable for that.

Circuit switching to the packet switching : Compare the circuit switching to the packet switching. Identify the benefits and limitations of the circuit switching and packet switching methods

Modify the database to reflect that two new properties : Modify the database to reflect that two new properties (property # 7 and 8) were added by the renting company and two new renters

Calculate the before-tax and after-tax rates of return : Calculate the before-tax and after-tax rates of return if the company uses declining balance at 150% to depreciate their assets.

User Account

All Pages