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Earn +20 ptsQ: What is the effective annual rate of 12 percent compounded monthly?
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Continue Learning about Other Math
What is the effective annual rate of 8 percent interest that is compounded monthly?
0.67 percent
What is the effective annual rate of 6.3 percent compounded monthly?
6.485% (rounded)
What is the effective annual rate of 14.9 percent compounded continuously?
It is 14.9 percent.
How do you determine the rate for one month for compounded interest?
On monthly compounding, the monthly rate is one twelfth of the annual rate. Example if it is 6% annual, compounded monthly, that is 0.5% per month.
How much would 300 invested at 4 percent interest compounded monthly be worth after 8 years round to the nearest cent.?
At 4% annual interest compounded monthly, it's 96 periods of 1/3% each.300 x (1.00333...)96 = 412.92 (rounded)
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