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Principal: $18,000 Interest rate: 20% Compounded quarterly Calculate the effective rate (APY) of interest for...

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Accounting

Principal: $18,000
Interest rate: 20%
Compounded quarterly
Calculate the effective rate (APY) of interest for 1 year. (Use Round your final answer to the nearest hundredth percent)
Effective rate: %?
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Principal: $18,000 Interest rate: 20% Compounded quarterly Calculate the effective rate (APY) of interest for 1 year. (Use Round your final answer to the nearest hundredth perce

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