A man has a simple discount note for $6400, at an ordinary bank discount rate of...
A man has a simple discount note for $6400, at an ordinary bank discount rate of 8.53 %, for 60 days. What is the effective interest rate? Round to the nearest tenth of a percent. (Use the banker's rule.)
|
Periods |
0.50% |
1.00% |
1.50% |
2.00% |
2.50% |
3.00% |
3.50% |
4.00% |
4.50% |
5.00% |
5.50% |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
1 |
1.00500 |
1.01000 |
1.01500 |
1.02000 |
1.02500 |
1.03000 |
1.03500 |
1.04000 |
1.04500 |
1.05000 |
1.05500 |
|
2 |
1.01003 |
1.02010 |
1.03023 |
1.04040 |
1.05063 |
1.06090 |
1.07123 |
1.08160 |
1.09203 |
1.10250 |
1.11303 |
|
3 |
1.01508 |
1.03030 |
1.04568 |
1.06121 |
1.07689 |
1.09273 |
1.10872 |
1.12486 |
1.14117 |
1.15763 |
1.17424 |
|
4 |
1.02015 |
1.04060 |
1.06136 |
1.08243 |
1.10381 |
1.12551 |
1.14752 |
1.16986 |
1.19252 |
1.21551 |
1.23882 |
|
5 |
1.02525 |
1.05101 |
1.07728 |
1.10408 |
1.13141 |
1.15927 |
1.18769 |
1.21665 |
1.24618 |
1.27628 |
1.30696 |
|
6 |
1.03038 |
1.06152 |
1.09344 |
1.12616 |
1.15969 |
1.19405 |
1.22926 |
1.26532 |
1.30226 |
1.34010 |
1.37884 |
|
7 |
1.03553 |
1.07214 |
1.10984 |
1.14869 |
1.18869 |
1.22987 |
1.27228 |
1.31593 |
1.36086 |
1.40710 |
1.45468 |
|
8 |
1.04071 |
1.08286 |
1.12649 |
1.17166 |
1.21840 |
1.26677 |
1.31681 |
1.36857 |
1.42210 |
1.47746 |
1.53469 |
|
9 |
1.04591 |
1.09369 |
1.14339 |
1.19509 |
1.24886 |
1.30477 |
1.36290 |
1.42331 |
1.48610 |
1.55133 |
1.61909 |
|
10 |
1.05114 |
1.10462 |
1.16054 |
1.21899 |
1.28008 |
1.34392 |
1.41060 |
1.48024 |
1.55297 |
1.62889 |
1.70814 |
|
11 |
1.05640 |
1.11567 |
1.17795 |
1.24337 |
1.31209 |
1.38423 |
1.45997 |
1.53945 |
1.62285 |
1.71034 |
1.80209 |
|
12 |
1.06168 |
1.12683 |
1.19562 |
1.26824 |
1.34489 |
1.42576 |
1.51107 |
1.60103 |
1.69588 |
1.79586 |
1.90121 |
|
13 |
1.06699 |
1.13809 |
1.21355 |
1.29361 |
1.37851 |
1.46853 |
1.56396 |
1.66507 |
1.77220 |
1.88565 |
2.00577 |
|
14 |
1.07232 |
1.14947 |
1.23176 |
1.31948 |
1.41297 |
1.51259 |
1.61869 |
1.73168 |
1.85194 |
1.97993 |
2.11609 |
|
15 |
1.07768 |
1.16097 |
1.25023 |
1.34587 |
1.44830 |
1.55797 |
1.67535 |
1.80094 |
1.93528 |
2.07893 |
2.23248 |
|
Periods |
0.50% |
1.00% |
1.50% |
2.00% |
2.50% |
3.00% |
3.50% |
4.00% |
4.50% |
5.00% |
5.50% |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
16 |
1.08307 |
1.17258 |
1.26899 |
1.37279 |
1.48451 |
1.60471 |
1.73399 |
1.87298 |
2.02237 |
2.18287 |
2.35526 |
|
17 |
1.08849 |
1.18430 |
1.28802 |
1.40024 |
1.52162 |
1.65285 |
1.79468 |
1.94790 |
2.11338 |
2.29202 |
2.48480 |
Homework Answers
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