effective interest

[piper]

Please help me with these two problems!

Find the effective annual interest rate of 7% compounded quarterly. Round answer to nearest 0.01%

Find the effective interest rate of 11% compounded monthly. Round ans to nearest 0.01%

 

[Denis]

> Find the effective annual interest rate of 7% compounded quarterly. Round answer to nearest 0.01%
(1 + .07/4)^4 - 1

> Find the effective interest rate of 11% compounded monthly. Round ans to nearest 0.01%
(1 + .11/12)^12 - 1