A local bank advertises that an account at 9.5% interest yields 9.64% annually. How often is the interest compounded?

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.6: Other Types Of Equations
Problem 9ECP: You deposit $2500 in a long-term investment in which the interest is compounded monthly. After 5...
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A local bank advertises that an account at 9.5% interest yields 9.64% annually. How often is the interest compounded?

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