Question

What is the annual interest rate for 12% compounded quarterly for 6 years?

Answer 1

COMPOUND INTEREST

Compounded Calculation Interest Rate For One Period

Semiannually, every 6 months, every half of a year (.06)/2 0.03

Annually, every year .06 .06

6% means 6 percent (from Medieval Latin for per centum, meaning "among 100"). 6% means 6 among 100, thus 6/100 as a fraction and .06 as a decimal

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