4 years ago

Calculate the annual effective interest rate of a 12 % nominal annual interest rate compound monthly

Mathematics

1 answer:

DedPeter [7]4 years ago

8 0

Answer:

12.683%

Step-by-step explanation:

The effective annual rate is given by ...

(1 +r/n)^n -1

where r is the nominal annual rate, and n is the number of compoundings per year. Filling in the given numbers, we have ...

effective rate = (1 +0.12/12)^12 -1 ≈ 0.12683 = 12.683%

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