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Interest rate is $9\%$ a year, but it's calculated once every $3$ years. How to calculate the effective annual rate?

The formula I know is:

$$r = \left(1 + \dfrac in\right)^n - 1,$$

where $n$ is the period, which is $3$ years, and $i$ = $9\%$ interest rate.

I'm confused.

amWhy
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    What do you mean by, "It's calculated once in $3$ years?" Please give an example of how interest is charged. The formula you give would be appropriate if interest were compounded three times a year. – saulspatz Mar 23 '20 at 16:44
  • Just use the simple interest which leads to $i_{\textrm{eff}}\approx 8.3%$ – callculus42 Mar 23 '20 at 19:33

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