Sarah made a deposit of $797.00 into a bank account that earns interest at 11.1% compounded monthly. The deposit earns i

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Sarah Made A Deposit Of 797 00 Into A Bank Account That Earns Interest At 11 1 Compounded Monthly The Deposit Earns I 1 (21.79 KiB) Viewed 27 times

Sarah made a deposit of $797.00 into a bank account that earns interest at 11.1% compounded monthly. The deposit earns interest at that rate for four years. (a) Find the balance of the account at the end of the period. (b) How much interest is earned? (c) What is the effective rate of interest? (a) The balance at the end of the period is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The interest earned is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (c) The effective rate of interest is. (Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as needed.)