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Your bank offers 3—year oertificates of deposit with a stated rate of interest of 15.!)2 Eli: p.a., oompounded quarterly. Your cousin {who works at Acme Bank and Trust, a competitor]- wants to know what stated rate of interest you would require from them in order to switch your business to their bank. Acme’s [20’s are compounded on a monthly basis. What is the minimum stated interest rate you should ask for From Acme in ord erto make you indifFerent to switd’ling’? Round your answer to 2 decimal places and enter your answer as a percent, but without a percent sign. For example, enter 3.143632% as 25.49.

August 9, 2019/in Questions Uploads /by admin

Your bank offers 3—year oertificates of deposit with a stated rate of interest of 15.!)2 Eli: p.a., oompounded quarterly. Your cousin
{who works at Acme Bank and Trust, a competitor]- wants to know what stated rate of interest you would require from them in
order to switch your business to their bank. Acme’s [20’s are compounded on a monthly basis. What is the minimum stated
interest rate you should ask for From Acme in ord erto make you indifFerent to switd’ling’? Round your answer to 2 decimal places and enter your answer as a percent, but without a percent sign. For example, enter
3.143632% as 25.49.