SOLUTION: Sonia invests $8,000, at 8% interest, compounded quarterly for one year. calculate the effective interest rate for her investment. (Round the effective rate to the nearest hundredt

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Question 977091: Sonia invests $8,000, at 8% interest, compounded quarterly for one year. calculate the effective interest rate for her investment. (Round the effective rate to the nearest hundredth percent.) Do not enter the percent symbol in your answer. ____________ %

Answer by FrankM(1040) About Me  (Show Source):
You can put this solution on YOUR website!
(1.02)^4=1.0824
return was 8.24