Monday
March 30, 2015

Homework Help: compounded interest

Posted by Thara on Thursday, July 30, 2009 at 5:33pm.

A bank offers a rate of 5.3% compounded semi-annually on its four year GICs(Guaranteed Investment Certificates). What monthly and annually compounded rates should it quote in order to have the same effective interest rate at all three nominal rates?

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