Challenge: Your bank offers an interest rate of $4.88%$ on savings and says that the APR (annual percentage rate) is $5.00%$; that is, if I invest $$100$, after one year, my bank account will have $$105$ in it. Assume the bank rounds correctly to two decimal places.

1. What is the minimum whole number of times the bank compounds my interest?

   Answer (a):

   $20$ times

2. What is the maximum number of times the bank compounds my interest?

   Answer (b):

   There is no max, continuing compounding will still round to $5.00\%$.

3. Assuming the bank is giving exactly $5\%$ APR (no rounding), how many times per year is the account compounded.

   Hint (c):

   Use Guess and Check.