To find out how common domestic violence is in the general population, a questionnaire was sent out to a random sample of anonym
1 answer:
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Answer:
10.29 %
Explanation:
The interest rate that is required by the bank by the law to report to potential borrowers can be calculated by the following expression.
Interest rate to be reported =
where
EAR = effective annual return rate = 11% = 0.11
n = number of days in a year = 365 days
replacing our values into the above equation; we have:
⇒
=
=
=
= 0.1029
= 10.29 %
Thus, the interest rate the bank is required by law to report to potential borrowers = 10.29%