The Effective Rate Formula: R-(l +r/m)^m -1 or Y = (1 + r/m)^m- 1 Find the effective rate when the stated rate is 12% and the interest rate is computed quarterly. What is the effective annual yield of an account paving a nominal rate of 6.50%, compounded quarterly? James Lynch wants to deposit $2,800 into a savings account but had to choose from three reliable financial institutions, lie needs your help! Calculate the effective rate for each and determine which institution will be most suitable financially tor Pete to deposit his funds