A bank offers depositors a nominal 4% pa, with interest payable quarterly.
What is the effective annual rate of interest?
________ % p.a.
The correct answer is: 4.06% p.a.
Effective quarterly rate
1% (4% ¸ 4)
Effective annual rate
[(1.01)4 - 1]
0.0406
4.06% pa
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