9514 1404 393
Answer:
0.06164
Step-by-step explanation:
The effective annual rate obtained by compounding nominal annual rate r monthly is ...
eff rate = (1 +r/12)^12 -1
Then the value of r is ...
r = 12×((eff rate) +1)^(1/12) -1)
For the given effective rate, that is ...
r = 12×(1.06341^(1/12) -1) ≈ 0.06164 . . . . nominal annual interest rate
Answer:
3.4594
Step-by-step explanation:
To change the base of a logarithm
•
x = 
where c represents the new base
Changing the base from 2 to 10
11 =
≈ 3.4594
The distributive property
You will get the incorrect answer because lining up the digits when adding or subtracting is important but it isn’t needed for multiplying.