CaptainSterlbean
New member
Hi,
So I calculated the monthly interest rate for an annuity to be 5.5%, but it asks for the effective annual rate. How do I convert this?
Thanks
As in, the question involved payments per month, and I worked out the interest rate to be 5.5% per payment period.
So I calculated the monthly interest rate for an annuity to be 5.5%, but it asks for the effective annual rate. How do I convert this?
Thanks
As in, the question involved payments per month, and I worked out the interest rate to be 5.5% per payment period.