Diane invested $4500 in an account that pays an annual interest rate of 3.7%, compounded monthly. Find the amount in the account after one year, assuming no withdrawals are made. Round the answer to the nearest cent. Find the effective annual interest rate, expressed as a percentage. Round your answer to the nearest hundredth of a percent.

Diane invested $4500 in an account that pays an annual interest rate of 3.7%, compounded monthly. Find the amount in the account after one year, assuming no withdrawals are made. Round the answer to the nearest cent. Find the effective annual interest rate, expressed as a percentage. Round your answer to the nearest hundredth of a percent.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 31P

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