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Find the nominal rate corresponding to an effective rate of 5.85% if interest is compounded quarterly.
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See how I edited your post in order for it would make sense.
Let "r" be the nominal rate.
Then your equation is
= 1.0585.
Take the root of the degree 4 from both sides
1 + r = 1.014315.
It implies
r = 1.014315 - 1 = 0.014315.
Then the nominal annual rate is 4*0.014315 = 0.05726 = 5.726%. ANSWER
Solved.
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- Problems on discretely compound accounts
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- ALGEBRA-I - YOUR ONLINE TEXTBOOK.
The referred lesson is the part of this online textbook under the topic "Logarithms".
Save the link to this online textbook together with its description
Free of charge online textbook in ALGEBRA-I
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