What is the nominal rate of interest compounded monthly if the effective rate of interest on an investment is 7.6%? The nominal rate of interest is % compounded monthly. (Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as needed.)

Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter10: Exponential And Logarithmic Functions
Section10.2: Applications Of Exponential Functions
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What is the nominal rate of interest compounded monthly if the effective rate
of interest on an investment is 7.6%?
The nominal rate of interest is % compounded monthly.
(Round the final answer to four decimal places as needed. Round all
intermediate values to six decimal places as needed.)
Transcribed Image Text:What is the nominal rate of interest compounded monthly if the effective rate of interest on an investment is 7.6%? The nominal rate of interest is % compounded monthly. (Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as needed.)
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