Answer
16.42%
Work Step by Step
Effective rate$=(1+\frac{0.153}{12})^{12}-1\approx0.1642$ or 16.42%
Precalculus: Concepts Through Functions, A Unit Circle Approach to Trigonometry (3rd Edition)
by Sullivan III, Michael
Published by
Pearson
ISBN 10:
0-32193-104-1
ISBN 13:
978-0-32193-104-7
Chapter 11 - Sequences; Induction; the Binomial Theorem - Section 11.2 Arithmetic Sequences - 11.2 Assess Your Understanding - Page 836: 70
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