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September 24, 2014

September 24, 2014

Posted by **randy** on Wednesday, March 19, 2008 at 10:32am.

invested for 1 year at 8.5% compounded monthly.

- Maths -
**Reiny**, Wednesday, March 19, 2008 at 11:40amlet that rate be i

(1+i)^1 = (1+.085/12)^12

1+i = 1.08839

i = .08839

so the effective annual rate is 8.839%

- Maths -
**Randy**, Wednesday, March 19, 2008 at 11:56amThanks a lot

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