Math question Help Needed

label Business & Finance
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

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?

Jun 10th, 2015

Thank you for the opportunity to help you with your question!

interest rate per quarter= 9/4= 2.25%

Nominal interest rate

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


Please let me know if you need any clarification. I'm always happy to answer your questions.
Jun 10th, 2015

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