alyssah4699 alyssah4699

11-03-2020
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Western Energy makes quarterly deposits into an account reserved for purchasing new equipment 2 years from now. The interest paid on the deposits is 12% per year, compounded monthly. (a) Identify the interest period, compounding period and the compounding frequency in the interest period, (b) Calculate the effective annual interest rate, that is, the APY.

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abdullahfarooqi abdullahfarooqi

16-03-2020

Answer:

a) Compounding Period = 1 year

Compounding Frequency = 12 months

b) 12.68%

Explanation:

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