The Effective Yield Is the Annual Rate I That Will

The effective yield is the annual rate i that will produce the same interest per year as the nominal rate compounded n times per year.For a rate that is compounded n times per year,the formula for effective yield is given as Find the effective yield for a nominal rate of 9%,compounded monthly.Round your answer to two decimal places. ​

A) ​0.94%
B) ​9.62%
C) ​10.01%
D) ​1.50%
E) ​9.38%