Answer
effective rate of interest
Work Step by Step
The effective rate of interest is the annual simple interest rate that would yield the same amount
as compounding n times per year, or continuously, after 1 year.
College Algebra (10th Edition)
by Sullivan, Michael
Published by
Pearson
ISBN 10:
0321979478
ISBN 13:
978-0-32197-947-6
Chapter 6 - Section 6.7 - Financial Models - 6.7 Assess Your Understanding - Page 474: 6
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