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What is the effective annual rate

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Reference no: EM131933016

Your grandmother asks for your help in choosing a certificate of deposit? (CD) from a bank with a? one-year maturity and a fixed interest rate.  The first certificate of? deposit, CD? #1, pays 4.45 percent APR compounded quarterly?, while the second certificate of? deposit, CD? #2, pays 4.50 percent APR compounded daily. What is the effective annual rate? (the EAR) of each? CD, and which CD do you recommend to your? grandmother?

If the first certificate of? deposit, CD? #1, pays 4.45 percent APR compounded quarterly?, the EAR for the deposit is ____?%. ?(Round to two decimal? places.)

Reference no: EM131933016

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