Jaxon Markets currently has credit terms of net 30, an average collection period of 29 days, and average receivables of $211,410
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Answer:
<h2>r= 6.054% per year</h2>Explanation:
given that
principal P= $10,000
final amount A= $18,000
time t= 10 years
To find the annual rate we will use the formula below and solve for r
Substituting our data into the expression and solving for r we have
Calculate rate of interest in percent
r = 0.06054* 100
r= 6.054% per year