A bank quotes an interest rate as 0.06341 annual effective yield. What interest rate, compounded monthly, will provide that
1 answer:
9514 1404 393
Answer:
0.06164
Step-by-step explanation:
The effective annual rate obtained by compounding nominal annual rate r monthly is ...
eff rate = (1 +r/12)^12 -1
Then the value of r is ...
r = 12×((eff rate) +1)^(1/12) -1)
For the given effective rate, that is ...
r = 12×(1.06341^(1/12) -1) ≈ 0.06164 . . . . nominal annual interest rate
You might be interested in
Divide botoh sides by 7
x-12=-3
add 12 to both sides
x+12-12=12-3
x+0=9
x=9
Answer:
aeafscgefgdderhgdthdg
It would be 67 because its the same decrease as the other.
The answer is about 70 inch
No because the exact opposite of -3 would be 3.
