A bank quotes an interest rate as 0.06341 annual effective yield. What interest rate, compounded monthly, will provide that
1 answer:
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Answer:
B and C
Step-by-step explanation:
A. y + 11 = 22 → subtract 11 from both sides:
y = 11
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B. 8 = 18 - y → subtract 18 from both sides:
-10 = -y → divide both sides by -1:
10 = y
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C. 60 = 6y → divide both sides by 6:
10 = y
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D. = 4 → multiply both sides by 5:
y = 20
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E. 10y = 20 → divide both sides by 10:
y = 2