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What is the effective annual rate

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Reference no: EM132715620

You plan to invest $2,000 in an (IRA) today that pays a stated annual interest rate of 8.0% percent, which is expected to apply to all future years.

What is the effective annual rate (EAR) if interest is compounded as follows?

(1) Annually
(2) Semiannually
(3) Monthly

Could you please show me how to do it in excel??? Very much appreciated.

How much will you have in the account at the end of 10 years under each scenario?

(1) Annually
(2) Semiannually
(3) Monthly

Reference no: EM132715620

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