SOLUTION: Find the effective rate corresponding to the given nominal rate. (Use a 365-day year.) 8%/year compounded semiannually

SOLUTION: Find the effective rate corresponding to the given nominal rate. (Use a 365-day year.) 8%/year compounded semiannually

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Question 928516: Find the effective rate corresponding to the given nominal rate. (Use a 365-day year.)
8%/year compounded semiannually
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Find the effective rate corresponding to the given nominal rate. (Use a 365-day year.)
8%/year compounded semiannually
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Effective rate = (1+(0.08/2))^(2*1)-1 = (1.04)^2-1 = 0.0816
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Cheers,
Stan H.
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