Find the Effective Annual Interest Rate of 11% Compounded Monthly $r _ { \text {eff } } = 11.62 \%$

Multiple Choice

Find the effective annual interest rate of 11% compounded monthly. Round your answer to the nearest 0.01%.

A) $r _ { \text {eff } } = 11.62 \%$
B) $r _ { \text {eff } } = 132.00 \%$
C) $r _ { \text {eff } } = 1.12 \%$
D) $r _ { \text {eff } } = 11.57 \%$
E) $r _ { \text {eff } } = 11.47 \%$