SOLUTION: Find the effective rate corresponding to the given nominal rate. (Assume a 365 day year. Round your answers to the nearest thousandth of a percentage point.) (a) 6.5%/year co

SOLUTION: Find the effective rate corresponding to the given nominal rate. (Assume a 365 day year. Round your answers to the nearest thousandth of a percentage point.) (a) 6.5%/year co

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Question 1076335: Find the effective rate corresponding to the given nominal rate. (Assume a 365 day year. Round your answers to the nearest thousandth of a percentage point.)
(a) 6.5%/year compounded monthly
(b) 6.5%/year compounded daily
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!

Where

is the effective rate,

is the nominal rate, and

is the number of compounding periods per annum.

Plug in your numbers and do the arithmetic.

John

My calculator said it, I believe it, that settles it

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