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What is the effective interest rate on an account that earns 5.5% compounded monthly?

What is the effective interest rate on an account that earns 5.5% compounded monthly?
asked 86.6k views
3 votes
What is the effective interest rate on an account that earns 5.5% compounded monthly?

asked
User Sayan Sen
by
8.5k points

1 Answer

10 votes

Answer:

.46%

Explanation:

.055/12= .00458= .46%

answered
User Jezell
by
8.7k points
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