If the Effective Rate of Interest If 15

question 40

Multiple Choice

If the effective rate of interest if 15.55% based on monthly compounding, determine the nominal rate of interest.

• A)17.54%
• B)16.54%
• C)15.54%
• D)14.54%

---

Definitions:

Teamwork

The collaborative effort of a group to achieve a common goal or complete a task in the most efficient and effective way.

Referent Power

arises from an individual's appeal or charisma, leading others to identify with them, often based on admiration or respect.

Personal Identification

A psychological process whereby an individual aligns their attitudes and behaviors with those of another person or group.

Subordinate

An individual who is under the authority or control of another, often in a workplace hierarchy.