Find the Nominal Interest Rate That, When Compounded Monthly, Yields

question 229

Short Answer

Find the nominal interest rate that, when compounded monthly, yields an effective interest rate of 20% / year. Round your answer to the nearest hundredth.
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__________%

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Definitions:

Banking

The industry involving the holding, lending, and managing of money and financial instruments for individuals, businesses, and governments.

Trucking

The industry or activity of transporting goods by road, typically involving large vehicles known as trucks.

Airlines

Businesses that offer services for flying both passengers and cargo.

Sherman Act

The Sherman Act is a foundational antitrust law in the United States that prohibits monopolistic practices and promotes competition.