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Memphic Memphic
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4 years ago
Floyd Ferris invested $3000 into an account five years ago. Today his account has grown to have a balance of $3927.50. Given that his account offered monthly compounding of interest, the APR on this account is closest to:
A) 5.00%
B) 5.25%
C) 5.40%
D) 5.54%
Textbook 

Corporate Finance: The Core


Edition: 4th
Authors:
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EgorGruzdevEgorGruzdev
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4 years ago
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C
Explanation:  C) APR = (  × 12 = .054

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