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A nominal interest rate of 10% per year, compounded monthly, is most closely:
|1% per month|
|5.11% per six months|
|10% per year|
|4.98% per six months|
Interest rate 10%
per month interest 0.008333333
compounded montly per year interest rate 1.104713067-1 = 0.104713 = 10.47%
compounded montly six months interest rate 1.051053313 - 1 = 0.051053 = 5.105331 %
So option 2 is the answer 5.11% per six months
A nominal interest rate of 10% per year, compounded monthly, is most closely: 1% per...
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