An amount of $800.00 earns $500.00 interest in three years, three months. What is the effective annual rate if interest compounds monthly? The effective annual rate of interest as a percent is ____%.

Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter11: Simulation Models
Section: Chapter Questions
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An amount of $800.00 earns $500.00 interest in three years, three months. What is the effective annual rate if interest compounds monthly? The effective annual rate of interest as a percent is ____%.
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