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July 24, 2014

July 24, 2014

Posted by **Thara** on Wednesday, July 29, 2009 at 10:29pm.

- math & finance -
**MathMate**, Thursday, July 30, 2009 at 6:07pmSee double post:

http://www.jiskha.com/display.cgi?id=1248989599

- math & finance -
**economyst**, Thursday, July 30, 2009 at 6:11pmfirst calculate the annual equivalence

(1+.053/2)^2 = 1.0537 ergo, the equivalent annual rate is 5.37%

Let the monthly equivalent rate be x.

So (1+x/12)^12 = 1.0537

12ln(1+x/12) = ln(1.0537) = .0523078

ln(1+x/12) = .00435898

(1+x/12) = e(.00435898) = 1.0043685

x/12 = .0043685

x = .05242

annual rate is 5.242%

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