For an APR of 12.00% per year, if the interest is compounded monthly determine the nominal rate per (a) 6 months and (b) 2 years. The nominal interest rate per 6 months is %. The nominal interest rate per 2 years is %.

For an APR of 12.00% per year, if the interest is compounded monthly determine the nominal rate per (a) 6 months and (b) 2 years. The nominal interest rate per 6 months is %. The nominal interest rate per 2 years is %.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter6: Saving And Investing

Section6.1: Why Save?

Problem 6R

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Question

For an APR of 12.00% per year, if the interest is compounded monthly determine the nominal rate per (a) 6 months and (b) 2 years.

The nominal interest rate per 6 months is %.

The nominal interest rate per 2 years is %.

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