An interest rate of 60% per year, compounded monthly is equivalent to what effective rate for 6 months? *Round off to the nearest whole number and do not include a decimal point in your answer.

Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter2: Equations, Inequalities, And Problem Solving
Section2.S: Summary
Problem 8S: What interest rate would you need to get to double an investment of 200 in eight years?
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An interest rate of 60% per year, compounded
monthly is equivalent to what effective rate for 6
months? *Round off to the nearest whole number
and do not include a decimal point in your answer.
Transcribed Image Text:An interest rate of 60% per year, compounded monthly is equivalent to what effective rate for 6 months? *Round off to the nearest whole number and do not include a decimal point in your answer.
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