Question

I only need my problem to be checked.

What is the effective annual rate of an account offering .09% monthly interest compounded monthly?

Since it is compounded monthly, my m is equal to 12. My rate is 0.09.

reff= (1+0.09/12)^12-1
= 9.38%

Answer 1

ok,

but your wording of the question is faulty

It should have said:
What is the effective annual rate of an account offering 9% per annum compounded monthly?