Answer
a) $8.300 \%$
b) $8.322 \%$
c) $8.328\%$
Work Step by Step
(a) The interest rate per month is $0.08 / 12$. Therefore, the effective interest rate is
$$i= 1-\left(1+\frac{0.08}{12}\right)^{12}= 8.300\%$$
ŕ(b) The interest rate per month is $0.08 / 52$. Therefore, the effective interest rate is
$$i= 1-\left(1+\frac{0.08}{52}\right)^{52}= 8.322\%$$
(c) The interest rate per month is $0.08 / 365$. Therefore, the effective interest rate is
$$i= 1-\left(1+\frac{0.08}{365}\right)^{365}= 8.328\%$$
