First national bank pays 68 interest compounded, Financial Management

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First national bank pays 68 interest compounded

First National Bank pays 6.8% interest compounded semiannually. Second National Bank pays 6% interest, compounded monthly.

a) Calculate the future value for each dollar invested in First National (Assume you invest $1). (Do not round intermediate calculations. Round your answer to 5 decimal places.)

Future Value:

b) Calculate the future value for each dollar invested in Second National (Assume you invest $1). (Do not round intermediate calculations. Round your answer to 5 decimal places.)

Future Value:

c) Which bank offers the higher effective annual rate?

Second National Bank

First National Bank

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