What is the effective interest rate of 4.8% interest compounded monthly? (Round your final answer to two decimal places.)

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.6: Other Types Of Equations
Problem 9ECP: You deposit $2500 in a long-term investment in which the interest is compounded monthly. After 5...
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What is the effective interest rate of 4.8% interest compounded monthly? (Round your final answer to two decimal places.)



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