Given an effective rate of $9\mathrm{.}58\%,$ find the equivalent rate compounded monthly

$(3)$

Round your answer to $4$ decimal places

Sol $=>I_1=,I_2=\frac{0\mathrm{.}0958}{m_1}=12,m_2=1$

$(1+\frac{I_1}{m_1}{)}^{m_1}=(1+\frac{I_2}{m_2}{)}^{m_2}$

$(1+\frac{I_1}{12}{)}^{12}=(\frac{1+0\mathrm{.}0958}{1}{)}^1$

$(1+\frac{I_1}{12}{)}^{12}=(\frac{1\mathrm{.}0958}{1}{)}^1$

$(1+\frac{I_1}{12}{)}^{12}=1\mathrm{.}0958$

$=>1+I_1=(1\mathrm{.}0958{)}^{\frac{1}{12}}{3}^2$

$=>1+I_1=12\mathrm{.}09183431$

$=>I_1=11\mathrm{.}09183431$

$=>{}_1=1109\mathrm{.}1834\%$

$1$ Use formulas at the end of the page to solve