On its savings accounts, the First National Bank offers a 5 perce interest rate that is compounded monthly. Savings accounts at t National Bank have the same effective annual return, but interest is co quarterly. What nominal rate does the Second National Bank offer on accounts? a. 5.12% b. 5.00% c. 5.02%

A bank features a savings account that has an annual percentage rate of r=3.4% with interest compounded weekly. Alfonso deposits $11,500 into the account. The account balance can be modeled by the exponential formula S(t)=P(1+r/n)^nt, where S is the future value, P is the present value, rr is the annual percentage rate, nn is the number of times each year that the interest is compounded, and tt is the time in years. What values should be used for P, r, and n?P= ,  r= ,  n= How much money will Alfonso have in the account in 10 years?Answer = $ .Round answer to the nearest penny.    What is the effective annual rate for the savings account?effective rate = %.Round answer to 3 decimal places.

Sophia invests $8,059 in a savings account that offers an annual percentage rate (APR) of 6.5%. Unlike typical savings accounts, this account compounds interest continuously. What is the effectiv annual rate (EAR)? O 6.50% 6.72% O 6.61% 106.72% 6.66%

What annual interest rate do you need to find in order for a deposit of $500 to grow to $1,685 in 13 years if the bank compounds interest weekly? Select one: O a. 8.89 percent O b. 8.42 percent O c. 7.95 percent O d. 9.35 percent 0 e. 9.80 percent