Find the effective rate of interest that is equivalent to a nominal rate of 15% compounded for the given times a year. Answer parts (a) through (e).
(a) If the rate of interest is compounded yearly, then re ≈ 15%. (Round to three decimal places as needed.)
(b) If the rate of interest is compounded semiannually, then re ≈ 15.563%. (Round to three decimal places as needed.)
(c) If the rate of interest is compounded quarterly, then re ≈ 15.865%. (Round to three decimal places as needed.)