An interest rate of 18% per year, compounded con­tinuously, is closest to an effective:

(a) 1.51% per quarter
(b) 4.5% per quarter
(c) 4.6% per quarter
(d) 9% per 6 months


Calculate quarterly and semiannual rates to determine correct answer
i/quarter = e^0.045 -1 = 0.0460 (4.60%)
i/6-mths = e^0.09-1 = 0.0942 (9.42%)
Answer is (c)

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