SOLUTION: What is the effective rate of 9% compounded monthly?

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Question 1154914: What is the effective rate of 9% compounded monthly?
Answer by ikleyn(52783) About Me  (Show Source):
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9% annual rate compounded monthly (nominal value (!) ) is equivalent to (or simply IS) the yearly effective growing factor of


    %281%2B0.09%2F12%29%5E12 = 1.0938


which is effective 9.38% annual rate.

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