Question $7$

$1$ pts

What is the effective annual rate $($EAR$)$ for a nominal rate $($monthly compounding$)$ of $16\mathrm{.}2\%?$

SET YOUR CALCULATOR TO $4$ DECIMAL PLACES THEN INPUT THE NUMBER AS PERCENTAGE ROUNDING TO $2$ DECIMALS. DO NOT ENTER THE $\%$ SYMBOL..i$.$e$.$ if your answer is $7\mathrm{.}7711\%,$ enter it as $7\mathrm{.}77.$