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Let the following interest rate 12.60% be considered a nominal interest rate. In your responses below. provide two decimal places (with proper rounding) and do
Let the following interest rate 12.60% be considered a nominal interest rate. In your responses below. provide two decimal places (with proper rounding) and do NOT include the percent (\%) sign. For example, to provide the response "two and one quarter percent," you would enter 225 (and not 2.25% or 0.0225 ) Given the nominal rate above, what is the effective interest rate when the compounding is: semiannual? quarterly? monthly
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