Asked by Anonymous
The effective monthly equivalent of 4% compounded semi-annually is ___.
0.04/12 = 0.00333 = 0.333%
Is this correct?
0.04/12 = 0.00333 = 0.333%
Is this correct?
Answers
Answered by
bobpursley
effective rate= (1+i/n)^n -1
= (1+.04/2)^2 -1
monthly effective rate= 1/12 of the above.
= (1+.04/2)^2 -1
monthly effective rate= 1/12 of the above.
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