iPad 12:13 PM * 94% a mathxl.com Do Homework work-Lacey Zielinski 713 PM Homewor

Question

iPad 12:13 PM * 94% a mathxl.com Do Homework work-Lacey Zielinski 713 PM Homework: Chapter 5 Homework Score: 0 of 1 pt 1 of 12 (1 complete) HW Score: 0%, 0 of 12 pt X P5-2 (similar to) EQuestion Heip Periodic interest rates You have a samge 3tcort m who h yu ieave the funds for ore w without addig tcwithd ann ton thi account when mail you rather have a dary pounded rate of 0045%, a weekly compounded rate of 0.285%, a monthly compounded rate of 1 25%, a qua teny compounded rater of 3 50%, a seme mary compounded rate of 7 5%, or an armally compounded rate of 16%? what is the eflectve annual rate(EAR) of a daily compounded rate of 0045%? % (Round to two decimal places) Enter your answer in the answer box and than cick Chack Answer 6 Pang Clear All

Explanation / Answer

EAR = [1 + (i/n)]n - 1

= [1 + 0.00045]365 - 1 = 1.1785 - 1 = 0.1785, or 17.85%

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.