Find the Effective Rate Corresponding to the Given Nominal Rate

question 208

Short Answer

Find the effective rate corresponding to the given nominal rate.Round your answers to the nearest thousandth.
8% / year compounded monthly __________ %
8% / year compounded daily __________ %

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Definitions:

Serious Intent

The genuine intention to engage in a legal agreement or action, implying that the party has a real interest in following through.

Effective Offer

A proposal that clearly outlines the terms and conditions of a contract, legally binding once accepted.

Shrink-wrap Terms

The conditions and terms of use that are included with a product's packaging and are accepted by breaking the shrink-wrap or seal.

Enforceable

Capable of being imposed or complied with by law or force.