Find the Effective Annual Interest Rate of 11% Compounded Monthly $r _ { \text {eff } } = 11.62 \%$

question 73

Multiple Choice

Find the effective annual interest rate of 11% compounded monthly. Round your answer to the nearest 0.01%.

• A) \(r _ { \text {eff } } = 11.62 \%\)
• B) \(r _ { \text {eff } } = 132.00 \%\)
• C) \(r _ { \text {eff } } = 1.12 \%\)
• D) \(r _ { \text {eff } } = 11.57 \%\)
• E) \(r _ { \text {eff } } = 11.47 \%\)

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