Financial Calculations Worksheet Page 26
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3019 - 6
Conversion between Percentage Interest Rate and Effective Interest Rate
Example
Calculate the annual percentage rate for an account paying an
effective interest rate of 12.55%, compounded quarterly.
In the set up screen, specify “Norm1” for Display and then press J.
P.6
Perform the following key operations from the input screen.
ew (
n
= 4)
bc.ffw(
I
% = 12.55%)
2 ('APR)
I
• The obtained value is assigned to
%.
346
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