Minimum is 40
First quartile is 43
Median is 61
Third quartile is 65
Maximum is 97
When calculating the loan's effective rate, the most accurate statement is that the effective rate will exceed the nominal rate.
<h3>Effective Annual Rate:</h3>
The interest rate for the entire year is known as the effective annual rate (EAR). Interest charges are incurred when a company uses debt or capital leases to fund its operations.
Interest is reported on the income statement, but it can also be generated on an investment or paid on a loan over time due to compounding interest.
It is frequently larger than the marginal rate and is used to compare various financial products with different compounding periods, such as weekly, monthly, and yearly.
The effective yearly interest rate rises over time as the number of compounding periods increases.
Therefore, the correct option is A.
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By iteratively substituting, we have
and the pattern continues down to the first term 
,
Recall the formulas
It follows that
To answer this you must have 1/4 of tank which is 5 gallons then add 10 to get 15 gallons
