SOLUTION: Please Help: Find the effective rate corresponding to the given nominal rate. Round results to the nearest 0.01 percentage points. 14% compounded monthly A) 14.49% B) 14.93%

Question 201922: Please Help:
Find the effective rate corresponding to the given nominal rate. Round results to the nearest 0.01 percentage points.
14% compounded monthly
A) 14.49%
B) 14.93%
C) 3.82%
D) 14.75%

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Find the effective rate corresponding to the given nominal rate. Round results to the nearest 0.01 percentage points.
14% compounded monthly
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I(t) = (r/n)^(nt)
I(t) = [1+[0.14)/12])^(12*1)
I(t) = (1.14934...
Ans: B
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Cheers,
Stan H.
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A) 14.49%
B) 14.93%
C) 3.82%
D) 14.75%

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