rate is 8.30%.РQuestion ID: 20996РWhich of the following statements about stated and effective annual interest rates is/are TRUE?РI. The stated rate adjusts for frequency pounding.РII. The periodic interest rate is used to find the effective annual rate.РIII. So long as interest pounded more than once a year, the effective rate will always be more than the stated rate.РA.РIII only.РB.РII and III only.РC.РI only.РD.РI and II only.РBРStatements II and III are true; statement I is wrong since it’s the effective annual rate that adjusts for frequency pounding.РQuestion ID: 19387РA local bank advertises that it will pay interest at the rate of 4.5 percent, compounded monthly, on regular savings accounts. What is the effective rate of interest that the bank is paying on these accounts?РA.Р4.65%.
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