If the effective annual interest rate is 15% then what is the equivalent annual rate compounded quarterly?

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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3. If the effective annual interest rate is 15% then what is the equivalent annual rate compounded quarterly?

Pls show formula used.

Final dollar answers should be rounded to two decimal places. Interest rate answers should be rounded to 6 decimal places if expressed as a decimal or 4 decimal places if expressed as a percent.

Use timeline if necessary. Thanks!

 

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