Question

What is the effective annual interest rate on a savings account that earns interest at a rate of 1.55% compounded monthly?

A.) 1.29%
B.) 1.55%
C.) 1.56%
D.) 1.59%

Answer 1

Answer: C) 1.56%

Step-by-step explanation:

Answer 2

Answer:

C. 1.56% is the correct answer