Explain why a savings and loan association that pays a nominal rate of 4.5% interest, compounded daily, actually pays an effective rate of 4.6 %.

Skip to content
# Explain why a savings and loan association that pays a nominal rate of 4.5% interest, compounded da

Explain why a savings and loan association that pays a nominal rate of 4.5% interest, compounded daily, actually pays an effective rate of 4.6 %.