Problem
a. What is the effective annual interest rate when a nominal rate of 12% per year is compounded monthly?
b. How many months does it take for a present sum of money to double if the nominal interest rate is 12% per year and compounding is monthly?
c. How many months does it take for a present sum of money to triple if the nominal interest rate is 12% per year and compounding is monthly?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.