Answer to Question #189553 in Financial Math for ntombi mshango

Question #189553

The bank charges a nominal interest rate is 16,5% per annum, compounded at the end of every second month. The equivalent effective interest rate is

[1] 17,18%.

[2] 17,68%.

[3] 14,53%.

[4] 16,18%.

[5] none of the above.

Expert's answer

[1] 17,18%.

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