Hasan plans to choose a book from a section of the store where everything is 25%25% off. He writes the expression d−0.25dd-0.25d
to find the sale price of the book if the original price is dd dollars. Bella correctly writes another expression, 0.75d0.75d, that will also find the sale price of the book if the original price is dd dollars. Use the drop-down menus to explain what each part of Hasan's and Bella's expressions mean.
2 answers:
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Answer:
a) Effective annual rate: 18.6%
b) Effective annual rate: 20.27%
c) Effective annual rate: 20.43%
d) Effective annual rate: 20.44%
Step-by-step explanation:
The effective annual interest rate, if it is not compounded continuously, is given by the formula
where
<em>C = Amount of the credit granted </em>
<em>r = nominal interest per year </em>
<em>n = compounding frequency </em>
<em>t = the length of time the interest is applied. In this case, 1 year. </em>
In the special case the interest rate is compounded continuously, the interest is given by
(a) Annually
The effective annual rate is 18.6%
(b) Monthly
<em>There are 12 months in a year </em>
The effective annual rate is 20.27%
(c) Daily
<em>There are 365 days in a year </em>
The effective annual rate is 20.43%
(d) Continuously
The effective annual rate is 20.44%