Account A and Account B each receive a deposit at the same time. Account A earns interest at an annual effective rate of r. Account B earns simple interest at an annual rate of r. Account A's effective rate of interest for year 8 is 1.5 times Account B's effective rate for year 8. Find r. Enter your answer as a percent. r = %

Account A and Account B each receive a deposit at the same time. Account A earns interest at an annual effective rate of r. Account B earns simple interest at an annual rate of r. Account A's effective rate of interest for year 8 is 1.5 times Account B's effective rate for year 8. Find r. Enter your answer as a percent. r = %

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 15MC: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...

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