Which of the following is not a correct description of the graph of the solution set of

Melanie is looking for a loan. She is willing to pay no more than an effective rate of 9. 955% annually. Which, if any, of the f

Jlenok [28]

Melanie should take A and B, being r(loan a)= 9.699% annually, r(loan b)=9.862% annual

<h3>What options Melanie should choose for the best deal?</h3>

It is given that

Loan A: 9.265% nominal rate, compounded weekly

In order to find the easiest effective rate, we need to divide this rate by 52 (which are the weeks in a year). Once we do that, we convert this effective weekly rate into an effective annual rate. Let´s walk you through all this.

$r(Eweek)=\dfrac{0.09265}{52} =0.00178173$

Or 0.178173% effective weekly. Now we can transform it into an effective annual rate.

$r(e,a)=1+(r(e.week))^{52} -1$

$r(e,a)=1+(0.00178173)^{52} -1=0.09699$

Or 9.669% annual, which is less than 9.955%, so this one is selected, let´s check the next.

Loan B: 9.442% nominal rate, compounded monthly

Just like we did with Loan A, we need to divide this rate too, only this time, we will divide by 12, therefore obtaining an effective monthly rate.

$r(Emonth)=\dfrac{0.09442}{12} =0.00786833$

Or 0.786833% effective monthly, let´s turn it into an effective annual rate.

$r(e,a)=1+(r(e.month))^{12} -1$

$r(e,a)=1+(0.00786833))^{12} -1=0.09862$

Or 9.862% annual, so this rate would work for Melanie too. This means that option C) is the answer we are looking for but, let´s walk that extra mile and turn that Loan C rate into an annual rate.

$r(Eweek)=\dfrac{0.09719}{4} =0.0242975$

or 2.42975% effective quarterly, now, let´s convert it into an effective annual rate.

$r(e,a)=1+(0.0 242975))^{12} -1=0.010079$

That is 10.079% effective annual, therefore, Loan C is not an option for Melanie.

Thus Melanie should take A and B, being r(loan a)= 9.699% annually, r(loan b)=9.862% annual

To know more about Compound interest follow

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6 0

2 years ago

Suppose a stage for the Lunar New Year festival has a length of 24 feet and a width of 4x + 4 feet. If the area of the stage is

Free_Kalibri [48]

Answer:

The value of x is 3

Step-by-step explanation:

The stage is rectangular in shape.

The formula for area of a rectangle is:

Length × Width

Length = 24 feet

Width = 4x + 4 feet

Hence:

384 = (4x + 4) × (24)

384 = 96x + 96

Collect like terms

384 - 96 = 96x

288 = 96x

x = 288/96

x = 3

The value of x is 3

6 0

3 years ago

First drop down menu: 8.5, 40, 4, 7.5, 0

sashaice [31]

1st: 0.5 x 8 = 4

2nd: 2 x 8 = 16

3rd: 0.5 x 2 = 1

4th: 2 x 2 = 4

5 0

3 years ago

A racing car used 255 litres of fuel to complete a 340 km race.

kicyunya [14]

255 l ------ 340km
x l -------- 100km

100*255=340x
25500=340x

x=75 litres

5 0

4 years ago

What is the plan for the set of stacked cubes?

Nadusha1986 [10]

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it only depends on the cubes in the pic

3 0

2 years ago