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How much money will have in the bank account

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Problem a) Consider a compound interest rate of 24% per year compounded quarterly. Convert this rate to an effective annual yield. (Please report your answer to at least three digits after the decimal point.)

Problem b) Consider a bank that pays interest into bank accounts monthly. The account pays 6% (APR). Suppose you invest $130 for 34 months. Specifically, $130 is invested today and you will never take any money out of the bank account. How much money will you have in the bank account after 34 months? (Report your answer to the penny.)

Reference no: EM132969454

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