1. Michael Truman deposits $4,000 in National Bank at 6% compounded quarterly. What is the effective rate (APY) of inter

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answerhappygod
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1. Michael Truman deposits $4,000 in National Bank at 6% compounded quarterly. What is the effective rate (APY) of inter

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1. Michael Truman deposits $4,000 in National Bank at 6%
compounded quarterly. What is the effective rate (APY) of interest?
(round answer to nearest hundredth)
2. Barry Carr believes that in 20 years he will need
$300,000 to buy a retirement cottage. Assuming he gets an interest
rate of 7% compounded annually, how much will he have to invest
today to purchase the cottage?
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