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Calculating an​ EAR Assignment | Homework For You

Author:
June 2nd, 2020

(Calculating an​ EAR)  Your grandmother asks for your help in choosing a certificate of deposit​ (CD) from a bank with a​ one-year maturity and a fixed interest rate. The first certificate of​ deposit, CD​ #1, pays 3.95 percent APR compounded monthly, while the second certificate of​ deposit, CD​ #2, pays 4.00 percent APR compounded daily. What is the effective annual rate​ (the EAR) of each​ CD and which CD do you recommend to your​ grandmother?Homework For You

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If the first certificate of​ deposit, CD​ #1, pays 3.95 percent APR compounded monthly, the EAR for the deposit is _% (Round to two decimal places)

If the second certificate of deposit, CD #2, pays 4.00 percent APR compounded daily, the EAR for the deposit is _% (Round to two decimal places)

Based on the findings above, which CD do you recommend to your grandmother?

  1. CD #2 that pays 4.00% compounded daily
  2. CD #1 that pays 3.95% compounded monthlyGet Finance homework help today

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