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Math- Please Help
Alice has a savings account that pays 6% annual intrest rate compounded monthly. What is the effective annual intrest rate?Round your answer to 2 decimal placesAdd a comment
- By roxygirl60 |
- Category: other - mathematics |
- Grade level: 12th grade (18)
- Nov/16/2008 |
- Answers to this question: 1
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Answer by: scott8148
First Answer
this means that ther are 12 compoundings with a .5% (6% / 12) rate per compounding
1.005^12 = 1.06168 (approx) __ so the effective rate is 6.17%
1.005^12 = 1.06168 (approx) __ so the effective rate is 6.17%
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- Nov/16/2008 |
- Answers by scott8148: 202 |
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