document.write( "Question 171467: A certficate of deposit has an annual rate of 6% compounded quarterly. Find the effective rate of interest. \n" ); document.write( "

Algebra.Com's Answer #126674 by jojo14344(1513) $\"\"$ $\"About$

You can put this solution on YOUR website!

\n" ); document.write( "Remember: $\"I=%281%2B%28i%2Fm%29%29%5Em\"$ , calculated per year
\n" ); document.write( "where ---> $\"system%28I=EffectiveInterest%2Ci=interest=0.06%2Cm=Compounded=4%29\"$
\n" ); document.write( "So, $\"I=%281%2B%280.06%2F4%29%29%5E4-1\"$
\n" ); document.write( " $\"I=%281.015%29%5E4-1=1.0614-1=0.0614\"$ x100%
\n" ); document.write( " $\"highlight%28I=6.14percent%29\"$ , Effective Interest
\n" ); document.write( "Thank you,
\n" ); document.write( "Jojo \n" ); document.write( "

\n" );