Find the EAR in each of the following cases. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e. g., 32.16. Use 365 days in a year.) Stated Rate (APR) Number of Times Compounded Effective Rate (EAR) 10.00 % Quarterly % 16.00 Monthly % 16.00 Daily % 12.00 Semiannually.

10.38%

17.23%

17.35%

12.36%

Explanation:

10% quarterly:

EAR=(1+APR/4)^4-1

The APR is divided by 4 and raised to the power of 4 to show that interest is compounded four times a year

EAR=(1+10%/4)^4-1=10.38%

16% monthly:

EAR=(1+APR/12)^12-1=(1+16%/12)^12-1=17.23%

16% daily:

EAR=(1+APR/365)^365-1=(1+16%/365)^365-1=17.35%

12% semiannually:

EAR=(1+APR/2)^2-1=(1+12%/2)^2-1=12.36%

The APR is divided by 2 and raised to the power of 2 since interest compounding is twice a  year

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