What is the effective annual interest rate on a savings account that earns interest at a rate of 1.55% compounded monthly?
a.) 1.29%
b.) 1.55%
c.) 1.56%
d.) 1.59%

step-by-step explanation:

given expression is .

now we need to simplify the given expression .

we know that square root is equivalent to the power 1/2. so that means we can take half of the exponents to get the square root of given expression.

expanding that will give a very very large number so let's keep answer in exponent form.