Main Entry:
ef·fec·tiveFunction:
adjective 1 : producing a desired effect
effective revocation of the contract>
2 : capable of bringing about an effect <effective assistance of counsel> —see also INEFFECTIVE ASSISTANCE OF COUNSEL
3 : being in effect
4 of a rate of interest : equal to the rate of simple interest that yields the same amount when the rate is paid once at the end of the interest period as a quoted rate of interest does when calculated at compound interest over the same period —compare NOMINAL —ef·fec·tive·ness noun