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What is the effective annual rate

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Reference no: EM132483612

Point 1: (Calculating an? EAR) 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 3.45 percent APR compounded quarterly?, while the second certificate of? deposit, CD? #2, pays 3.50 percent APR compounded semiannually.

Question 1: What is the effective annual rate? (the EAR) of each? CD, and which CD do you recommend to your? grandmother?

Reference no: EM132483612

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