SOLUTION: A certficate of deposit has an annual rate of 6% compounded quarterly. Find the effective rate of interest.
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Question 171467: A certficate of deposit has an annual rate of 6% compounded quarterly. Find the effective rate of interest.
Answer by jojo14344(1513) (Show Source): You can put this solution on YOUR website!
Remember: , calculated per year
where --->
So,
x100%
, Effective Interest
Thank you,
Jojo
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