Ask Question
20 October, 23:47

Compute the continuously compounded interest rate for 228 days where the ACT/365 interest rate is 2.92%. Give your answer to four decimal places. Enter 4.1234% as 4.1234

+1
Answers (1)
  1. 21 October, 03:42
    0
    The answer is 1.8407.

    Explanation:

    To calculate interest rate for 228 days we will first calculate daily rate and than put value in compounding rate formula.

    Daily interest rate = 2.92%/365 = 0.008 %

    Interest rate 228 = (1+I%) ^n - 1

    Interest rate 228 = (1+0.008%) ^228-1 = 1.8407%
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Compute the continuously compounded interest rate for 228 days where the ACT/365 interest rate is 2.92%. Give your answer to four decimal ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers