What is the total number of conversion if the nominal rate is 12% compounded monthly for 10 years?
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What is the total number of conversion if the nominal rate is 12% compounded monthly for 10 years?
What is the total number of conversion if the nominal rate is 12% compounded monthly for 10 years?
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Answer:
1%
For example, a nominal annual interest rate of 12% based on monthly compounding means a 1% interest rate per month (compounded).