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Sagot :
The equivalent interest rate is 4.07%.
The money will be compounded 12 times.
What is the equivalent interest rate?
The equivalent interest rate is the actual interest rate that an account earns after accounting for number of compounding.
Effective interest rate = (1 + APR / m ) ^m - 1
M = number of compounding
(1 + 0.04/12)^12 - 1 = 4.07%
To learn more about the effective interest rate, please check: https://brainly.com/question/4064975
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