I NEED ABSOLUTELY CORRECT ANSWERS FOR THESE.
Homework Answers
1: APR = Periodic rate * Number of periods in a year
= 1.25%*4 = 5%
Answer =5
2: Quarterly interest = 1442-1033 = 409
Quarterly rate = 409/1033 = 39.59%
Effective annual rate =(1+APR/m)^m-1
= (1+39.59%)^4-1
=279.68%
Answer = 279.68
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