Find the Effective Rate Corresponding to the Given Nominal Rate

question 174

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:

Anti-federalists

A group in early American history that opposed the creation of a stronger U.S. federal government and which later opposed the ratification of the 1787 Constitution, fearing centralization of power.

Federalists

Supporters of the ratification of the U.S. Constitution, advocating for a strong federal government.

City-states

Independent, sovereign cities which operate like small countries, having their own governments and economies.

American Democracy

A system of government where power is vested in the people, who rule either directly or through freely elected representatives.