Asked by Jackie
an account which pays 14% compounded quarterly, what is the effective rate of yield?
Answers
Answered by
MathMate
Quarterly means 4 times a year.
So
(1+0.14/4)^4
=1.035^4
=1.147523
or
effective rate
=14.7523%
So
(1+0.14/4)^4
=1.035^4
=1.147523
or
effective rate
=14.7523%
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