Multiple Choice
The effective yield is the annual rate i that will produce the same interest per year as the nominal rate compounded n times per year.For a rate that is compounded n times per year,the formula for effective yield is given as 
Find the effective yield for a nominal rate of 9%,compounded monthly.Round your answer to two decimal places.
A) 0.94%
B) 9.62%
C) 10.01%
D) 1.50%
E) 9.38%
Correct Answer:
Verified
Correct Answer:
Verified
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