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Sir in the question 12b.8
It says to find the annual interest rate
Indeed I did the question like how it was taught in the lectures but
Now I’m puzzled
With knowing the difference between the questions of12b.3 and 12b.8
Could you please explain the difference of the above two questions
Thank you a lot sirAlthough the approach is similar, 12b.3 wants an answer in $’s whereas 12b.8 wants the answer as a %
Oh ok sir
So
– annual interest rate
– monthly interest rate
– weekly interest rateThese above can be called as nominal interest rate
And
The meaning of effective interest rate is
The interest rate which is compounded based on the principle amount provided that it’s compounded yearly !!!Am I correct sir
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