A company makes payments on a semi-annual basis only. Determine the effective interest rate per payment period for each of the following interest rate:
(a) 10\% per year, compounded monthly
(b) 4\% per quarter, compounded quarterly
A company makes payments on a semi-annual basis only. Determine the effective interest rate per payment period for each of the following interest rate:
(a) 10\% per year, compounded monthly
(b) 4\% per quarter, compounded quarterly