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ValentinkaMS [17]
3 years ago
12

A bank loans money at an annual rate of 20 percent. Interest is compounded daily. What is the actual rate the bank is charging?

Business
1 answer:
NeX [460]3 years ago
8 0

Answer:

22.13%

Explanation:

The effective annual rate formula below can be used to determine the actual rate charged by the bank as follows:

Effective annual rate=(1+APR/n)^n-1

APR=20%

n=number of times interest is computed yearly=365

Effective annual rate=(1+20%/365)^365-1

Effective annual rate=1.221335858 -1

Effective annual rate=22.13%

The actual rate of interest on bank loan is 22.13%

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Stock Company has 2,000 units in beginning work in process inventory, 20% complete as to conversion costs, 23,000 units transfer
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Answer:

B. 26,000, 24,000.

Explanation:

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Equivalent units

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<u>Ending WIP              3000            100       331/3%       3000        999.9= 1000</u>

<u>Total Equivalent units                                                  26000        24000</u>

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The Equivalent units can be calculated either by adding the units transferred out and ending WIP or by adding beginning WIP and units started.

Equivalent units for materials 26000

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3 years ago
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Webisodes

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