There is an infinite amount of fractions equivalent to the one given. All you have to do to find a fraction equivalent is multiply the numerator and denominator by the same number, and when you get the resulting fraction it can be simplified to become the original again, therefore making it the same.
Answer:
6720
Step-by-step explanation:
8000*.07*12=6720
Answer:
1.2%
Step-by-step explanation:
-The effective annual rate of interest is calculated using the formula;
where:
- is the effective annual rate.
- is the stated nominal rate
- the number of compounding in a year.
Therefore:
Hence, the effective rate is equivalent to the nominal rate if there is only one compounding per year and is 1.2%