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olga2289 [7]
2 years ago
13

Compute the continuously compounded interest rate for 228 days where the ACT/365 interest rate is 2.92%. Give your answer to fou

r decimal places. Enter 4.1234% as 4.1234
Business
1 answer:
Nikitich [7]2 years ago
3 0

Answer:

The answer is 1.8407.

Explanation:

To calculate interest rate for 228 days we will first calculate daily rate and than put value in compounding rate formula.

Daily interest rate = 2.92%/365 = 0.008 %

Interest rate 228 = (1+I%)^n -1

Interest rate 228 = (1+0.008%)^228-1  = 1.8407%

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