12 percent
GAZETTE D95AA
The Banking Services ( Deposit Taking Institutions ) ( Customer Related Matters ) Code of Conduct, 2016
12 percent per annum that is compounded monthly. applying the formula: eair =(1+.12/12)2-1 eair=,12683 or 12.683% example 2 a deposit account pays 5 percent per annum compounded quarterly. applying the formula: bair =(1+.05/4)- 1 eair =0.050945 or 5.09
Page 18 of 18
Section 12