document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1046478>Question 1046478</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A local bank advertises that it pays interest on savings accounts at the rate of 3% compounded monthly. Find the effective rate. Round answer to two decimal places.\r<BR>\n" );
document.write( "\n" );
document.write( "Choice answers:\r<BR>\n" );
document.write( "\n" );
document.write( "    a. 3.44%<BR>\n" );
document.write( "    b. 3.40%<BR>\n" );
document.write( "    c. 36%<BR>\n" );
document.write( "    d. 3.04%<BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #662024 by </B><A HREF=/tutors/aboutme.mpl?userid=robertb><B>robertb(5830)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=robertb><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=robertb><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=662024\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> To find the effective rate, solve the equation \r<BR>\n" );
document.write( "\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=%281%2B0.03%2F12%29%5E12+=+1%2Br ALIGN=MIDDLE  ALT=\"%281%2B0.03%2F12%29%5E12+=+1%2Br\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
document.write( "\n" );
document.write( "<===> <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=1.0025%5E12+=+1%2Br ALIGN=MIDDLE  ALT=\"1.0025%5E12+=+1%2Br\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
document.write( "\n" );
document.write( "===> <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=r+=+1.030415957+-+1+=+0.030415957 ALIGN=MIDDLE  ALT=\"r+=+1.030415957+-+1+=+0.030415957\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "===> the effective rate of interest is 3.04%, to two decimal places. </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );