SOLUTION: Can someone please help me with this problem: Find the effective rate corresponding to the given nominal rate. Round results to the nearest 0.01 percentage points. 9% compoun

Question 203568: Can someone please help me with this problem:
Find the effective rate corresponding to the given nominal rate. Round results to the nearest 0.01 percentage points.
9% compounded monthly
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.
9% compounded monthly
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(1+(0.09/12)^(12*1)
= 1.0938...
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Effective rate is 9.38%
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Cheers,
Stan H.
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