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www.calculatorsoup.com/calculators/financial/nominal-interest-rate-calculator.php
Find the effective rate which is equivalent to nominal rate of 10% p.a. compounded monthly.
4 answers
I got 0.104
@oobleck plse see is it right or wrong
let the effective annual rate be i
so
(1+i)^1 = (1 + .10/12)^12
1+i = 1.1047...
i = .1047 or ..... % per annum
so
(1+i)^1 = (1 + .10/12)^12
1+i = 1.1047...
i = .1047 or ..... % per annum