dont understand this compound interest question can some1 guide me through this Find the effective rate of interest. 11.75% compounded monthly
Follow Math Help Forum on Facebook and Google+
The amount is stated in a nominal yearly rate, which is compounded 12 times a year.. The effective monthly rate is simply; So assuming you wanted the annual effective rate of interest, which is where the monthly effective rate is compounded 12 times;
so what am i going to solve for what do i do from here
Originally Posted by math321 so what am i going to solve for what do i do from here Nothing more to do: Robb gave you the answer: 11.75 cpd monthly = 12.4039 effective
View Tag Cloud