An interest rate of 12% per year, compounded monthly, is nearest to:
(a) 12.08% per year
(b) 12.28% per year
(c) 12.48% per year
(d) 12.68% per year
i/year = (1 + 0.01)¹² –1 = 0.1268 (12.68%)
Answer is (d)
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