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poizon [28]
2 years ago
12

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

Mathematics
1 answer:
stellarik [79]2 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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