Compute the ACT/365 interest rate for 99 days where the ACT/360 interest rate is 2.99%. Give...
Compute the ACT/365 interest rate for 99 days where the ACT/360 interest rate is 2.99%. Give your answer to four decimal places. Enter 4.1234% as 4.1234.
Homework Answers
Given, ACT/360 for 99 days = 2.99%
For a principal of $100, Interest for 99 days= $100*2.99*99/(360*100) = $0.82225
Let the interest rate at ACT/365 be R
Then, Interest on $100 for 99 days= $100*R*99/(365*100) = $0.82225
R*99/365 =0.82225. R*0.271233= 0.82225
Therefore, Rate of interest at ACT/365 (R) = 0.82225/0.271233 = 3.031528%
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Compute the ACT/365 interest rate for 99 days where the ACT/360
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Please give a thorough explanation, thank you!
You are running a bank and a customer wants to deposit $10m into the bank starting in 244 days and ending in 366 days. You will pay interest on an ACT/360 basis and will set the rate at 0.40% below fair. Interest rates are: Days Cont. Comp. Rates 244 3.01 366 3.65 What rate do you charge? Give your rate to 2 decimal places and enter 3.05% as 3.05.
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