Final answer:
The constant force of interest equivalent to a nominal annual rate of interest of 5.6% compounded quarterly is 5.71%.
Step-by-step explanation:
To find the constant force of interest equivalent to a nominal annual rate of interest of 5.6% compounded quarterly, we can use the formula:
Force of interest = (1 + nominal rate/n)ⁿ - 1
Where n is the number of compounding periods per year. In this case, since the interest is compounded quarterly, n = 4.
Substituting the values into the formula, we have: Force of interest = (1 + 0.056/4)^4 - 1 = 0.0571 or 5.71%