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What nominal quarterly rate would be equivalent to the rate

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Question - Queeny Inc can borrow from its bank for one month. The loan will have to be "rolled over" at the end of the month, but Queeny Inc is sure the rollover will be allowed. The nominal interest rate is 16 percent, but interest will have to be paid at the end of each month, so the bank interest rate is 16 percent, monthly compounding. Alternatively, Queeny Inc. can borrow from an insurance company at a nominal rate that would involve quarterly compounding. What nominal quarterly rate would be equivalent to the rate charged by the bank?

a. 17.23%

b. 16.00%

c. 16.21%

d. 17.48%

e. 15.79%

Reference no: EM132848819

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