Calculus with Applications (10th Edition)

Published by Pearson
ISBN 10: 0321749006
ISBN 13: 978-0-32174-900-0

Chapter 2 - Nonlinear Functions - Chapter Review - Review Exercises - Page 114: 97


The effective rate is $6.17\%$

Work Step by Step

$6\%$ compounded quarterly Using the formula, we get $(1+\frac{0.06}{12})^{12}-1=(1.0005)^{12}-1\approx 0.0617$ The effective rate is $6.17\%$
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