John asks for interest to be added halfyearly to his account. The bank offers AER of 4% find the equivalent of halfyearly rate. I'm really stuck on this any help will be greatly appreciated thank you.

michael.ryan.712714
find square root of 1.04

jean luc
(1+0.04)=(1+i)>2, the answer is i=square root of 1.041= 0.0198

what.the.matter.is.the
If it is half yearly then (1.04)^(1/2) if it is monthly then (1.04)^(1/12)
^ = to the power of

fionanewsome
Id use my calculator if I was you! Hope this helps:).........

Me
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