ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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You've won the lottery, and your winnings will pay out in equal
quarterly payments (that is, you will receive one payment every 3
months).. You plan to put this money into a savings account with a
15% APR, compounded monthly. What is the effective quarterly
interest rate for the account? (Give your answer in percent format,
rounded to 2 decimal places.)
Typed numeric answer will be automatically saved.
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Transcribed Image Text:You've won the lottery, and your winnings will pay out in equal quarterly payments (that is, you will receive one payment every 3 months).. You plan to put this money into a savings account with a 15% APR, compounded monthly. What is the effective quarterly interest rate for the account? (Give your answer in percent format, rounded to 2 decimal places.) Typed numeric answer will be automatically saved.
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