First National Bank offers two-year CDs at 9.16% compounded daily, and Citywide Savings offers two-year CDs at 9.17% compounded quarterly. Compute the annual yield for each institution. (Round your answers to two decimal places.) FNB      % CS      %

A certificate of deposit (CD) is an agreement between a bank and a saver in which the bank guarantees an interest rate and the saver commits to leaving his or her deposit in the account for an agreed-upon period of time. First National Bank offers 2-year CDs at 9.12% compounded daily, and Citywide Savings offers 2-year CDs at 9.13% compounded quarterly. Compute the annual yield for each institution and determine which is more advantageous for the consumer. (Round your answers to two decimal places.) FNB: r =  % CS: r =  %   who  has the better offer.

Use the ordinary interest method, 360 days, to solve the following word problem. Round to the nearest cent when necessary. Roni Lockard signed a $28,500 simple discount promissory note at a certain bank. The discount rate was 13%, and the note was made on February 18 (not in a leap-year) for 116 days. (a) What proceeds (in $) will Roni receive on the note? $  (b) What is the maturity date of the note?

A bank applies a semi-annually capitalized nominal rate of 11.8% for an investment. Calculate monthly effective rate.