3 years ago

Le: Convert an interest rate of 12% p.a. compounded monthly to an interest

Mathematics

1 answer:

stellarik [79]3 years ago

8 0

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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