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jsully5159
28.07.2019 •
Mathematics
Mark mcclennan signed a simple discount note for $2,950 for 100 days at a rate of 8.5%. find the effective interest rate based on the proceeds received by mcclennan. 8.8% 8.5% 8.6% 8.7%
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Ответ:
EIR = Interest ÷ (Principal - Interest)
Before proceeding any further, solve first for interest. (assuming a 360-day year)
Interest = Principal × rate × interest
= $2950 × (100/360) × (0.085)
= $69.65
Thus, EIR can be computed as follows:
EIR = ($69.65 ÷ ($2950 - $69.65)) × 360
≈ 8.7%
Notice that the EIR was multiplied by 360 to return it to an annual rate.
Ответ: