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The treasurer of a credit union proposes changing the method of compounding interest on premium savings accounts to sems
Posted: Wed Jul 06, 2022 11:54 am
by answerhappygod
- The Treasurer Of A Credit Union Proposes Changing The Method Of Compounding Interest On Premium Savings Accounts To Sems 1 (9.8 KiB) Viewed 11 times
The treasurer of a credit union proposes changing the method of compounding interest on premium savings accounts to sems-annual compounding. If the curent rate is 6.6% compounded monthly, what nominal rate should the treasurer suggest to the board of directors to maintain the same effective rate of interest? The new nominal rate of interest should be (Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as needed)