The bank chargers a normal interest rate of 16.5%per annum, at a compounded at the end of every second month. The equivalent effective interest rate is Question 6The bank charges a nominal interest rate of 16.5% per annum, compounded at the end of every secondmonth. The equivalent effective interest rate is17,18%.12 17,68%.131 14,53%.14)16.18%

Given: Nominal Interest rate=16.5% Compounding done=at end of every 2nd month

Answered: The bank chargers a normal interest…

The bank chargers a normal interest rate of 16.5%per annum, at a compounded at the end of every second month. The equivalent effective interest rate is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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