Business Finance
Math question Help Needed

Question Description

Citizens bank offers a savings account with an effective interest rate of 9% and quarterly compounding. What is the nominal rate (APR) on the account?

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Final Answer

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interest rate per quarter= 9/4= 2.25%

Nominal interest rate

ia=(1+0.0225)^4 -1= 9.31%


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GITCH (87)
New York University

Anonymous
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