Article: The effective interest rate is calculated through a simple formula: r = (1 + i/n)^n - 1. In this formula, r represents the effective interest rate, i represents the stated interest rate, and n represents the number of compounding periods per year. For example, consider a loan with a stated interest rate of 5 percent that is compounded monthly. Using the formula yields: r = (1 + .05/12)^12 - 1, or r = 5.12 percent. The same loan compounded daily would yield: r = (1 + .05/365)^365 - 1, or r = 5.13 percent. Note that the effective interest rate will always be greater than the stated rate. If interest is compounded continuously, you should calculate the effective interest rate using a different formula: r = e^i - 1. In this formula, r is the effective interest rate, i is the stated interest rate, and e is the constant 2.718. For example, consider a loan with a nominal interest rate of 9 percent compounded continuously. The formula above yields: r = 2.718^.09 - 1, or 9.417 percent. After familiarising the theory, do the maths differently. Find the number of intervals for a year. It is 2 for semi-annual, 4 for quarterly, 12 for monthly, 365 for daily. Number of intervals per year x 100 plus the interest rate. If the interest rate is 5%, it is 205 for semi-annual, 405 for quarterly, 1205 for monthly, 36505 for daily compounding. Effective interest is the value in excess of 100, when the principal is 100. Do the maths as:  ((205÷200)^2)×100 = 105.0625 ((405÷400)^4)×100 = 105.095 ((1,205÷1,200)^12)×100=105.116 ((36,505÷36,500)^365)×100 = 105.127   The value exceeding 100 in case 'a' is the effective interest rate when compounding is semi-annual. Hence 5.063  is the effective interest rate for semi-annual, 5.094 for quarterly, 5.116 for monthly, and 5.127 for daily compounding. Just memorise in the form of a theorem. (No of intervals x 100  plus interest )divided by (number of intervals x100) raised to the power of intervals, the result multiplied by 100. The value exceeding 100 will be the effective interest yield.
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Familiarize yourself with the formula for converting the stated interest rate to the effective interest rate. Calculate the effective interest rate using the formula above. Familiarize yourself with the formula used in case of continuously compounding interest. Calculate the effective interest rate in case of continuously compounding interest. After reading and fully understanding the theory, calculation can be simplified in the following way.
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Take surveys. Sell your skills. Get crafty. Sell unwanted items.