In the past 4 years, a sporting goods store had two yearly losses of $140,000 and $56,000 and two yearly profits of $110,000 and
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Using compound interest, the rates per compounding period are given as follows:
a) 0.1273 = 12.73%.
b) 0.0833 = 8.33%
c) 0.0617 = 6.17%
<h3>What is compound interest?</h3>The amount of money earned, in compound interest, after t years, is given by:
In which:
- A(t) is the amount of money after t years.
- P is the principal(the initial sum of money).
- r is the interest rate(as a decimal value).
- n is the number of times that interest is compounded per year.
The <u>interest rate per compounding period</u> is given as follows:
For item a, the parameters are:
r = 0.12, n = 52.
Hence:
For item b, the parameters are:
r = 0.08, n = 104.
Hence:
For item c, the parameters are:
r = 0.06, n = 12.
Hence:
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