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What is the effective annual interest rate on a savings account that earns interest at a rate of 1.55% compounded monthly? A.) 1.29% B.) 1.55% C.) 1.56% D.) 1.59%

What is the effective annual interest rate on a savings account that earns interest at a rate of 1.55% compounded monthly? A.) 1.29% B.) 1.55% C.) 1.56% D.) 1.59%
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What is the effective annual interest rate on a savings account that earns interest at a rate of 1.55% compounded monthly?

A.) 1.29%
B.) 1.55%
C.) 1.56%
D.) 1.59%

asked
User Lbrazier
by
7.8k points

2 Answers

1 vote

Answer:

C) 1.56%

Explanation:

answered
User Gprime
by
8.0k points
3 votes

Answer: C) 1.56%

Explanation:

What is the effective annual interest rate on a savings account that earns interest-example-1
What is the effective annual interest rate on a savings account that earns interest-example-2
answered
User Sohel
by
8.4k points
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