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It means that at the end of every month, (7/12) of 1 percent of the lowest value of

your account during the previous month is added to it.

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Q: What is 7 percent compounded monthly?
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Which yields more 8 percent apr compounded monthly or 8.5 percent compounded semi-annual?

8% compounded monthly is equivalent to an annual rate of approx 152% . 8.5% compounded six monthly is equivalent to "only" 17.72% so the first is clearly larger.


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