document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=980438>Question 980438</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Find the effective interest rate. Round to two decimal places when needed.<BR>\n" );
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document.write( "Rate: 8%    Compounded: Quarterly<BR>\n" );
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document.write( "The effective rate is %. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #601574 by </B><A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><B>jim_thompson5910(35256)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><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=601574\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Effective Rate = (1 + i/n)^n - 1\r<BR>\n" );
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document.write( "Effective Rate = (1 + 0.08/4)^4 - 1\r<BR>\n" );
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document.write( "Effective Rate = (1 + 0.02)^4 - 1\r<BR>\n" );
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document.write( "Effective Rate = (1.02)^4 - 1\r<BR>\n" );
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document.write( "Effective Rate = 1.08243216 - 1\r<BR>\n" );
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document.write( "Effective Rate = 0.08243216\r<BR>\n" );
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document.write( "Effective Rate = 8.243216%\r<BR>\n" );
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document.write( "The effective rate is 8.24% </SPAN>\n" );
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