I want to know the formula to resolve this problem:

1.Suppose that a company borrows $20,000 for 1 year at a stated rate of interest of 9%. What is the annual percentage rate (APR) if interest is paid to the lender

a.Annually

b.Semiannually

c.Quarterly

answer:

a. Annually: 8.649%

b. Semiannually: 8.836%

c. Quarterly: 8.933%