document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=954158>Question 954158</A>: <I><SPAN STYLE=\"word-break: break-all;\"> PLEASE HELP<BR>\n" );
document.write( "Find the effective rate corresponding to the following nominal rate of 6% compounded monthly. <BR>\n" );
document.write( "Round to the nearest hundredth. <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 #582761 by </B><A HREF=/tutors/aboutme.mpl?userid=Alan3354><B>Alan3354(69443)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Alan3354><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/cgi-bin/show-face.mpl?user=Alan3354><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=582761\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Find the effective rate corresponding to the following nominal rate of 6% compounded monthly. <BR>\n" );
document.write( "Round to the nearest hundredth. <BR>\n" );
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document.write( "If you mean 6% per year:<BR>\n" );
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document.write( "(1 + 0.06/12)^12 = 1.005^12 = 1.0617<BR>\n" );
document.write( "--> 6.17% </SPAN>\n" );
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