Question: Please, could you post a step by step how you got this answer! (with formulas pleaseee <3)
1. You deposit $3117 into a savings account that earns an APR of 4.30% compounded quarterly. What will be the balance in the account after 4 full years (assuming no further deposits)?
2. A bank account pays 6.20% APR with monthly compounding. What is the Effective Annual Rate ('Yield') of this account?
3. A bank account pays 4.30% APR with continuous compounding. What is the Effective Annual Rate of the account?
4. Your initial balance of $10000 grows to $12500 in 7 full years. What was the average annual Arithmetic growth rate?