What this quiz covers

Grade 12 Financial Maths – Question 3 draws its questions at random from a bank of 18 questions. A full worked solution is shown after you answer each one.

Example questions

A sample of the questions you will practise in this quiz. Work them out yourself - the full solution appears after you answer each one.

1. Joseph opens a savings account at a nominal interest rate of 6% p.a., compounded quarterly. Determine the effective annual interest rate.
2. A bank offers 8% p.a. compounded monthly. What is the effective annual interest rate?
3. An investment earns 12% p.a. compounded semi-annually. Determine the effective annual interest rate.
4. An account offers 10% p.a. compounded daily (365 days). What is the effective annual interest rate?
5. An account offers 9% p.a. compounded monthly. What is the effective annual interest rate?