A man has a simple discount note for $6,100, at an ordinary bank discount rate of 8.84%, for 50 days. What is the effective interest rate? Round to the nearest tenth of a percent. (Use the banker's rule.)
A man has a simple discount note for $6,100, at an ordinary bank discount rate of 8.84%, for 50 days. What is the effective interest rate? Round to the nearest tenth of a percent. (Use the banker's rule.)
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 19E
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A man has a simple discount note for
$6,100,
at an ordinary bank discount rate of
8.84%,
for
50
days. What is the effective interest rate? Round to the nearest tenth of a percent. (Use the banker's rule.)Expert Solution
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