If the nominal interest rate is r (in decimal form) and is compounded n times per year,
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If the nominal interest rate is r (in decimal form) and is compounded n times per year, then the effective interest rate E (in decimal form) is given by 
For continuous com- pounding the formula E = er - 1 can be used. Use these formulas to find the effective interest rate (in percent form rounded to the nearest hundredth) for the given r and type of compounding.
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Related Book For 
College Algebra With Modeling And Visualization
ISBN: 9780134418049
6th Edition
Authors: Gary Rockswold
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