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Calculate the EAR given the following: Stated Rate (APR, Compounding Period EA pct) 6 monthly 6
Calculate the EAR given the following: Stated Rate (APR, Compounding Period EA pct) 6 monthly
6.15%
5.84%
Expert Solution
Answer
5.
Explanation
Computation of EAR:
EAR = (1+i/n)^n - 1
Here,
i = Stated Rate or APR = 6%
n = Number of compounding periods = 12 (Monthly)
EAR = (1+6%/12)^12 - 1 = 6.17%
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