luzsept8353 luzsept8353

05-03-2020
Business

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You are offered an investment with a quoted annual interest rate of 10% with monthly compounding of interest. What is your effective annual interest rate?

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anthonynguyen3006 anthonynguyen3006

10-03-2020

Answer:

10.47%

Explanation:

Effective interest rate = (1+ i/n)^n - 1

i: Stated interest rate

n: Number of compounding periods per year

Effective annual interest = (1+10%/12)^12 - 1

= 10.47%

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