Solution: Find how often the interest is compounded

(Last Updated On: December 8, 2017)

Find how often the interest is compounded

Problem Statement: : ME Board October 1995, EE Board October 1997

Mandarin Bank advertises 9.5% account that yields 9.84% annually. Find how often the interest is compounded.

  • A. Daily
  • B. Monthly
  • C. Bi-Monthly
  • D. Quarterly

Problem Answer:

The mode of interest is Quarterly.

Solution:

Solution: Find how often the interest is compounded

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Solution: Find how often the interest is compounded
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