Le: Convert an interest rate of 12% p.a. compounded monthly to an interest
1 answer:
9514 1404 393
Answer:
12.1204%
Step-by-step explanation:
The nominal annual rate is 4 times the effective quarterly rate:
(1 +0.12/12)^3 = 1.030301
so the effective quarterly rate is 3.0301%.
The equivalent annual rate compounded quarterly is 12.1204%.
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