What is the effective annual rate of the account

Reference no: EM132041729

Question: Please, could you post a step by step how you got this answer! (with formulas pleaseee <3)

1. You deposit $3117 into a savings account that earns an APR of 4.30% compounded quarterly. What will be the balance in the account after 4 full years (assuming no further deposits)?

2. A bank account pays 6.20% APR with monthly compounding. What is the Effective Annual Rate ('Yield') of this account?

3. A bank account pays 4.30% APR with continuous compounding. What is the Effective Annual Rate of the account?

4. Your initial balance of $10000 grows to $12500 in 7 full years. What was the average annual Arithmetic growth rate?

Reference no: EM132041729

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