Problem
Mr. X deposited $1,500 in a savings account at the local bank and went on assignment overseas. After two years, he returned and noticed he had $1,800 in his account. What annual effective rates of interest had the bank given him if they compounded the interest quarterly? What if they compounded annually?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.