how do you find th efective rate

[imonlyme1909]

Gary invests $500 K today in Mutual Fund paying 12% a year compounded quarterly. What's the Effective rate on this investment (Ignore the effects of taxes)? How long does it take me to become millionaire? (Express your answer in quarters plus 2 decimal places)

 

[JeffM]

Gary invests $500 K today in Mutual Fund paying 12% a year compounded quarterly. What's the Effective rate on this investment (Ignore the effects of taxes)? How long does it take me to become millionaire? (Express your answer in quarters plus 2 decimal places)

What does your book give as a formula for finding the annual yield on a compounded interest rate?

What does your book give as a formula for future value?.