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What is the effective annual rate, with a nominal annual rate of 10%, compounded monthly? 10.0 percent 9.0 percent 10.47 percent 10.87 percent What is

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What is the effective annual rate, with a nominal annual rate of 10%, compounded monthly? 10.0 percent 9.0 percent 10.47 percent 10.87 percent What is the present value of an ordinary annuity of $500, paid annually, for 10 years, discounted at 12%? $2425 $2625 $2825 $5000

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