I spent $3.80 on a box of mangoes and sold it $5.57,what was my profit?
1 answer:
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Answer:
effective annual rate is 6.16 %
Step-by-step explanation:
given data
rate = 6 % = 0.06
time 5 year = 10 semi annually
to find out
effective annual rate
solution
we know formula for annual effective rate of interest is
rate of interest = -1
put here all value
rate of interest = -1
rate of interest = -1
rate of interest = 0.061646
so effective annual rate is 6.16 %