Question: a. What is the effective annual interest rate when a nominal rate of 12% per year is compounded monthly? b. How many months does it

a. What is the effective annual interest rate when a nominal rate of 12% per year is compounded monthly?

b. How many months does it take for a present sum of money to double if the nominal interest rate is 12% per year and compounding is monthly?
c. How many months does it take for a present sum of money to triple if the nominal interest rate is 12% per year and compounding is monthly?

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