The nominal interest rate compounded four times per year is - 8 %. What is the formula for the accumulation function where t is in years? A bank charges a nominal annual rate of interest of 18% compounded monthly for a cash loan. Calculate the equivalent nominal annual rate of interest compounded quarterly. A sum of money is deposited into an account that earns interest at the annual nominal interest rate of 6 % compounded monthly. What is the equivalent annual effective rate of interest? $ 1, 000 deposited into an account that earns interest at an annual nominal rate of 6 % compounded monthly. What is the $ amount of interest earned during the first year? $1, 000 is inverted for three years at the rate of simple interest of 8 % per annum. What nominal rate of interest compounded twice a year would produce the same ending amount after three years? A bank pays simple interest of 4% a year on a five-year certificate of deposit. What the effective rate of interest during the third year? $2 000 was deposited into an account that earns interest at an annual nominal rate of 6% compounded monthly. Calculate the dollar amount of amount of interest earned during the fifth year. If $1, 000 grows to $3, 000 in twelve years. what is the nominal annual rate of interest compounded quarterly? John received a nominal annual interest rate of 3% compounded monthly during year one on $ 10, 000 that he head deposited into an account at the beginning of the year. At the beginning of year two John moved his money into a different account that paid a nominal interest rate of 4 % compounded weekly. He left the money in the second account for a total of three years. How much money did John have in the account at the end of year four? (The money was in the first account for one year and in the second account for three years.)