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Given the nominal rate i and the number of corresponding periods per year n, the effective annual interest rate can be calculated as r = (1 + i/n)^n - 1 where ^ denotes the power operation.
Effective annual interest rate can be quickly calculated by taking the know interest and multiplying it by the number of times it compounded.
Let i be the nominal rate, n the number of division of in each year.
Then the rate yearly is (1+i/n)^n-1
You can change the unit according to you needs
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