To calculate the effective interest rate you'll need the following formula.
(1+ APR / n ) ^n -1 *100.
IT looks alot harder than it is.
APR has to be expressed as a decimal, so 0.1642.
n is the period. as it is daily, n=365.
1+(0.1642/365) to the power of 365. will give you 1.1784....
Minus 1, and times by 100 to get it as a percentage = 17.84%
Answer:
Price elasticity of demand = 1.2
Explanation:
Given:
Old price (P0) = $2
New Price (P1) = $3
Old quantity (Q0) = 4,200
New quantity (Q1) = 3,000
Price elasticity of demand = ?
Computation of Price elasticity of demand :
Price elasticity of demand = % change in quantity / % change in price
Price elasticity of demand = [(4,200-3,000)/3,000] / [(3-2)/3]
Price elasticity of demand = 1.2
44756 divided by 167 equals 268 with a remainder of 0