Question 1154914
.
<pre>

9% annual rate compounded monthly (nominal value (!) ) is equivalent to (or simply <U>IS</U>) the yearly effective growing factor of


    {{{(1+0.09/12)^12}}} = 1.0938


which is effective 9.38% annual rate.
</pre>

------------


See the lesson

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/logarithm/Problems-on-discretely-compound-accounts.lesson>Problems on discretely compound</A>

and find there other similar solved problem to wide your horizon.