Calculate the equivalent interest rate (to the nearest 0.01%)

Equivalent Interest Rate

A rate that provides the same accumulated interest as would be obtained from several other interest rates over a given time period.

Nearest 0.01%

Adjusting a value so that it is close to an exact hundredth of a percent, enhancing precision.

Acquire knowledge on and implement the technique of interest rate determination.

Verified Answer

Final Answer :

10.38% compounded annually

Learning Objectives

Acquire knowledge on and implement the technique of interest rate determination.