Homework Answers
30 days rate is 3% and 3.04% is 60 days rate according to the question.
60 days rate should be 3.0625 instead of 3.04% for 60 days .
calculation of answer is as follows:-
3x25/100 =0.75
0.75*30days/360 days =0.0625
60 days rate is =3+0.0625=3.0625.
60 days rate should be higher
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