Availa Bank offers money at 3.67% per month compounded monthly. What is the effective annual interest rate? Enter your answer as a percentage rounded to the nearest tenth of a percent.
Added by Karen U.
Step 1
The nominal monthly interest rate is given as 3.67%, which can be expressed as a decimal: \[ r = \frac{3.67}{100} = 0.0367 \] Show more…
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