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What is the effective interest rate for happy savings bank

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Reference no: EM133534143

Case Study: Step by step with formula

  1. You invest $5,800 over a period of 30 months at 5 1/4% simple interest. What is the total value of your investment at the end of the 30 month period?
  2. Mary deposits $15,000 into a savings account that pays 3.75% interest compounded daily. What will the balance be after five years?
  3. Suppose Mary needs $32,000 in five years for a new car. If her account pays 3.75% interest compounded daily, how much must she deposit today to have the money for the car? What is the term used for this value?
  4. The Happy Savings Bank offers a nominal interest rate of 6% compounded quarterly, whereas the People's Credit Union offers a nominal interest rate of 6.2% compounded semi annually. Suppose you want to open a new bank account and you have narrowed your choices to one of these institutions.
Questions:
  1. What is the Effective Interest Rate for Happy Savings Bank?
  2. What is the Effective Interest Rate for People's Credit Union?
  3. Where should you open your account?

 

Reference no: EM133534143

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