What is the effective annual rate if the annual percentage rate is 13% compounded weekly? Enter...
What is the effective annual rate if the annual percentage rate is 13% compounded weekly? Enter your answer as a percentage rounded to two decimal places. Do not include the percentage sign in your answer.
Enter your answer below.
Homework Answers
Solution
Effective annual rate=(1+R/M)^M-1
Where
R- Annual percentage rate=13%
M-Number of compounding periods in a year-In this case 52 ,as it is weekly compounding
Effective annual rate=(1+.13/52)^52-1
=0.138644
Thus Effective annual rate=13.86
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