Homework Answers
Effective Annual Rate = 7.00%
Effective Annual Rate = (1 + Nominal Semiannual Interest Rate)^2
- 1
0.07 = (1 + Nominal Semiannual Interest Rate)^2 - 1
(1 + Nominal Semiannual Interest Rate)^2 = 1.07
1 + Nominal Semiannual Interest Rate = 1.07^(1/2)
1 + Nominal Semiannual Interest Rate = 1.03441
Nominal Semiannual Interest Rate = 0.03441 or 3.441%
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