Finance Class--issue with decimal places in formula

[Mjean]

Hi
I'm in a finance class and I am working on problems such as this
=RATE(nper, pmt, pv, fv)
When I calculate the problem in excel, I get an answer such as 7%, when the answer is really 7.34%. How do I correct this?

[shg]

Welcome to the forum.

Change the format to show more decimals: Home tab, Numbers group.

[Mjean]

Thanks! I'll try that