Answer:
1.1%
Step-by-step explanation:
Annual rate: 14 % = [tex]\frac{14}{100} = 0.14[/tex]
Monthly rate = [tex](1 + r )^{\frac{1}{12} } - 1[/tex]
= [tex](1 + 0.14 )^{\frac{1}{12} } - 1[/tex]
= [tex](1.14 )^{\frac{1}{12} } - 1[/tex]
= 1.01097 - 1
= 0.01097
In percent it becomes: 0.01097 * 100 = 1.097%
Rounded to the nearest tenth: 1.1%
