Rewrite the base of the expression to reflect an interest rate compounded annually. Account 3: Rewrite the base of the expression:

(1.0006635)52t= (1.000663552)t ≈ (1.03509)t = (1 + 0.03509)t.

The effective annual interest rate is approximately 3.509%.

ANSWER PLATO:
1 (1.035)t 3.5%
2 (1.03531)t 3.531%
3 (1.03509)t 3.509%
4 (1.03483)t 3.483%

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