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liubo4ka [24]
3 years ago
8

Charter bank pays a 5.00% nominal rate on deposits, with monthly compounding. what effective annual rate (eff%) does the bank pa

y?
Business
1 answer:
mel-nik [20]3 years ago
6 0

In order to compute for the effective annual rate, the working equation would be [( 1 + i/n)^n] – 1.   The i corresponds to the nominal rate while n is the number of compounding periods per year which in this case is 12. The answer would be 5.116%.  

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