Are the graphs of the lines in the pair parallel ? Explain.
1 answer:
<em>So</em><em> </em><em>the</em><em> </em><em>right</em><em> </em><em>answer</em><em> </em><em>is</em><em> </em><em>of</em><em> </em><em>option</em><em> </em><em>D</em>
<em>Look</em><em> </em><em>at</em><em> </em><em>the</em><em> </em><em>attached</em><em> </em><em>picture</em>
<em>H</em><em>ope</em><em> </em><em>it</em><em> </em><em>will</em><em> </em><em>help</em><em> </em><em>you</em><em>.</em><em>.</em><em>.</em>
<em>Good</em><em> </em><em>luck</em><em> </em><em>on</em><em> </em><em>your</em><em> </em><em>assignment</em>
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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%