Answer:
13.7%
Step-by-step explanation:
Nominal interest rate = [tex](\sqrt[m]{1 + effective annual interest rate} - 1 \ ) m[/tex]
where m = number of compounding = 12
([tex]\sqrt[12]{1.146}[/tex] - 1 ) x 12 = 0.137054 = 13.7%
To round to one decimal place means that there should be only one figure after the decimal place.
