SOLUTION: please help me find the effective rate corresponding to the nominal rate of 5.47% compounded weekly. when using weekly what will I be multiplying by? i know that quarterly is by

Question 706802: please help me find the effective rate corresponding to the nominal rate of 5.47% compounded weekly.
when using weekly what will I be multiplying by?
i know that quarterly is by 4.
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
There are 52 weeks in a year (since 52*7 = 364, so that's close enough)

So instead of using the number 4, you're using the number 52 in your formula.

Hint: the effective rate formula is

EAR = (1 + r/n)^n - 1

where

r = nominal rate (usually the APR)

n = compounding frequency (in this case, n = 52)

Note: EAR stands for effective annual rate
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