Question

At what nominal rate compounded monthly will a principal
accumulate to the same amount as at 8% compounded quarterly ??

answer is 7.95% , can anybody explain this​

Answer 1

Answer:

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Step-by-step explanation:

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Answer 2

Answer:

R =. m{ (1+i)^1/m) - 1}

R = 4{ (1 + 8/100)^1/4 - 1}

R = 4{ 1 + 0.08) ^0.25 - 1}

R = 4 { ( 1.08)^0.25 - 1}

R = 7.8 %