Mr. Simpson is comparing bank rates. His current bank is only offering interest rates that are compounded monthly. What is the nominal annual rate of interest compounded monthly that is equivalent to the competitor’s rate of 5.2% compounded semi-annually?

a. 5.26% 

b. 0.44% 

c. 5.27%

 d. 5.14%

Answer rating: 100% (QA)

The detailed answer for the above question is provided below The correct answer is d 514 ... View the full answer