{"id":8688,"date":"2024-04-15T03:04:33","date_gmt":"2024-04-15T03:04:33","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=8688"},"modified":"2024-04-15T03:04:33","modified_gmt":"2024-04-15T03:04:33","slug":"mandarin-bank-advertises-9-5-account-that-yields-9-84-annually-find-how-often-the-interest-is-compounded-a-monthly-b-bimonthly-c-quarterly-d-annually","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/mandarin-bank-advertises-9-5-account-that-yields-9-84-annually-find-how-often-the-interest-is-compounded-a-monthly-b-bimonthly-c-quarterly-d-annually\/","title":{"rendered":"Mandarin Bank advertises 9.5% account that yields 9.84% annually. Find how often the interest is compounded. A. Monthly B. Bimonthly C. Quarterly D. Annually"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a99958308a8f\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"true\">\r\n                    Monthly                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    Bimonthly                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    Quarterly                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    Annually                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is A. Monthly.<\/p>\n<p>Here is a brief explanation of each option:<\/p>\n<ul>\n<li>Option A: Monthly. If the interest is compounded monthly, then the interest earned in each month is calculated on the principal amount plus the interest earned in the previous months. This means that the interest is compounded more frequently, and the total amount of interest earned over the year is greater.<\/li>\n<li>Option B: Bimonthly. If the interest is compounded bimonthly, then the interest earned in each two-month period is calculated on the principal amount plus the interest earned in the previous two-month period. This is less frequent than monthly compounding, but it is still more frequent than annual compounding.<\/li>\n<li>Option C: Quarterly. If the interest is compounded quarterly, then the interest earned in each quarter is calculated on the principal amount plus the interest earned in the previous quarter. This is less frequent than monthly or bimonthly compounding, <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n          <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div>   Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> but it is still more frequent than annual compounding.<\/li>\n<li>Option D: Annually. If the interest is compounded annually, then the interest earned in each year is calculated on the principal amount only. This is the least frequent type of compounding, and it results in the lowest total amount of interest earned over the year.<\/li>\n<\/ul>\n<p>In the case of Mandarin Bank, the interest is compounded monthly. This is because the annual yield of 9.84% is higher than the annual interest rate of 9.5%. This means that the interest is being compounded more frequently than once a year, and the total amount of interest earned over the year is greater.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[656],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mandarin Bank advertises 9.5% account that yields 9.84% annually. Find how often the interest is compounded. A. Monthly B. Bimonthly C. Quarterly D. 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