Math
posted by Tracy on .
Bank A is offering an interest rate of 6.60% compounded monthly, while bank B is offering an interest rate of 6.67% compounded quarterly.
The effective rate offered by bank A =?%,
while the effective rate offered by bank B = ?%.

(1 + i/n)^n  1
A
(1+.066/12)^12  1 = .0680 = 6.80 %
B
(1+.0667/4)^4  1 = .0684 = 6.85%