The half-yearly nominal rate of discount convertible monthly is 3.5%. Calculate the force of interest per annum which is equivalent to this interest rate. (correct answer = 7.02050) no tables, ONLY formulas, please)

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter7: Percents
Section7.7: Simple And Compound Interest
Problem 16E
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The half-yearly nominal rate of discount convertible monthly is 3.5%. Calculate the force of interest per annum which is equivalent to this interest rate. (correct answer = 7.02050) no tables, ONLY formulas, please)

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