You buy a certificate of deposit that quotes a nominal apr, Financial Accounting

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You buy a certificate of deposit that quotes a nominal apr

EAR and APR.

a) You buy a Certificate of Deposit that quotes a nominal APR of 3% with monthly compounding. How much do you earn over a year (in percent)?

b) You want to earn an effective return of 8% per year. If your investment pays monthly interest, what must the nominal APR quote be for you to earn the effective 8%?

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Financial Accounting: You buy a certificate of deposit that quotes a nominal apr

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Financial Accounting: You buy a certificate of deposit that quotes a nominal apr

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