Using the ICONV function on your calculator: EFF=12; C/Y=4; CPT NOM=11.5% 2. Using the TVM worksheet on your calculator: FY=112; PMT=0;PV=-100; N=4; CPT I/Y=2.87 Multiply this by 4 and you get the annual rate of 11.5%

By hand using the formula: 0.12 = (1+APR/4)^4 - 1 1.12^(1/4) = 1+APR/4 1.028737345 = 1+APR/4 APR= 0.1149 = 11.5% Note that the root of power 4 is power (1/4).