Finance Practice Problems

PROBLEM:

Bank A is advertising that they are paying compound interest of 7%, compounded Quarterly. What rate would Bank B advertise if they compound Monthly? (Convert Bank A's rate to Bank B's compounding interval)

ANSWER:
(Enter your answer in the box above in DECIMAL form.)



Rate This Problem's Difficulty Level
1 2 3 4 5 6 7 8 9 10
Very Easy Very Difficult
 Average Rating 
5.08
 # of Ratings 
1,219.00
View
Graph