Charter bank pays a 5.00% nominal rate on deposits, with monthly compounding. what effective annual rate (eff%) does the bank pay?

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10-09-2017
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Charter bank pays a 5.00% nominal rate on deposits, with monthly compounding. what effective annual rate (eff%) does the bank pay?

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YellowGold YellowGold · Answer 1 · 2017-09-21T11:04:02+02:00

YellowGold YellowGold

21-09-2017

In order to compute for the effective annual rate, the working equation would be [( 1 + i/n)^n] – 1. The i corresponds to the nominal rate while n is the number of compounding periods per year which in this case is 12. The answer would be 5.116%.

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