BF 620 PracticeCh.4pt.1 Flora the Explorer will be taking a trip in exactly three years. She has $10,998.06 now, and puts her money in a bank account that pays APR of 6 17/39% compounded 13x per year. What is the EAR for this bank account? 6.436% 6.631% 7.023% 7.588% Facts are the same as in problem 1. How much money will Flora have at the end of three years? $13,261.13 $13,334.03 $13,608.97 $14,003.17 Norman Nittany wants to go to Veterinary School, and knows that he will need to have $73,000 in exactly 5 years. His bank account pays APR of 7.29% interest compounded 9 times per year. How much must he deposit today to meet his goal? $27,434.84 $39,626.50 $50,776.20 $51,348.37 You have $375.22 to invest. You will be leaving the money in the bank for two years. Which of the following accounts would you choose? Account #1 APR of 8%, compounded 15 times per year Account #2 APR of 8.09% compounded 11 times per year Account #3 APR of 8.21% compounded 3 times per year It cannot be determined from the information provided Account #1 Account #2 Account #3
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