document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=893044>Question 893044</A>: <I><SPAN STYLE=\"word-break: break-all;\"> I saw similar problems (Stanbon (64282))on the site and when I followed the steps being used I did not come close to what was expected for an answer.  could someone explain what I did wrong so that I can do the other problems based on your guidance. \r<BR>\n" );
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document.write( "Find the effective rate corresponding to nominal rate 6% I year compounded monthly. Round the answers to the nearest hundredth of percent. <BR>\n" );
document.write( "A) 6.538% <BR>\n" );
document.write( "B) 5.858% <BR>\n" );
document.write( "C) 6.598% <BR>\n" );
document.write( "D) 6.168% <BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #541023 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=541023\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Find the effective rate corresponding to nominal rate 6% I year compounded monthly. Round the answers to the nearest hundredth of percent.<BR>\n" );
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document.write( "A(t) = P(1+(r/n))^(nt)<BR>\n" );
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document.write( "Your Problem::<BR>\n" );
document.write( "A(t) = P(1+(0.06/12))^(12*1)<BR>\n" );
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document.write( "Effective rate = (1+0.005)^12 - 1<BR>\n" );
document.write( "= 0.061678<BR>\n" );
document.write( "= 6.168%<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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document.write( "A) 6.538% <BR>\n" );
document.write( "B) 5.858% <BR>\n" );
document.write( "C) 6.598% <BR>\n" );
document.write( "D) 6.168% <BR>\n" );
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