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OpenStudy (anonymous):
Totally lost on this one. What is the effective annual interest rate of an investment that pays 5.0% annual interest, compounded daily, assuming a 365-day year?
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OpenStudy (anonymous):
(1+0.05/365)^365 -1 = effective interest rate, slightly more than 5%
OpenStudy (anonymous):
These are the options I'm given, For some reason when I use the calculator I'm getting .05126 A) 5.04% B) 5.13% C) 5.85% D) 5.97%
OpenStudy (anonymous):
0.05126 = 5.13% when rounded to three digits.
OpenStudy (anonymous):
geez could it be more obvious? l forgot to multiply by 100. lol Thanks!
OpenStudy (anonymous):
You are very welcome. Bed-time for me!
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OpenStudy (anonymous):
Night. :)
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