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2 answers:
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Answer:
a) 198.7% interest
Not too sure about answer to (b)
b) 4.75% annualized
Step-by-step explanation:
a) i used Interest = Principal x Rate x Time
40 = 525 x x r
40 = 20.13r
r = 1.987 or 198.7%
b) i used this proportion: =
'x' represents annualized rate
1/24 represents 2 weeks out of a year
1/24x = 1.98
x = 4.75%