The interest rate is 10% . Find the effective rate of interest if it is paid seven times a year. Group of answer choices 94.87% 95.87% 96.87% 97.87%
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The interest rate is 10% . Find the effective rate of interest if it is paid seven times a year.
Group of answer choices
94.87%
95.87%
96.87%
97.87%
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- Interest rate is 12 percent.Note: If answer is less than 1, answer in THREE SIGNIFICANT DIGITS . If answer is equal to and greater than 1, answer in THREE DECIMAL PLACES.Use tabulated factors and a spreadsheet to determine the interest rate per period for the following rate of return equation: 0 = -40,000 + 8000(P/A,i*,5) + 8000(P/F,i*,8).
- Topic : Investment Problem Suppose a family is depositing money into a bank account continuously, and the account earns interest of 4% annually (compounded continuously). The family began their first year with $23, 000 in the account. Assuming they don't make any withdrawals, how much money is in the account after 4 years? Ans. =26,990.75The demand function for a product is modeled by p(x) = 50e^-0.0000125x where p is the price per unit in dollars and x is the number of units. What price will yield a maximum revenue? (Hint: Revenue= (Price) x (No. of Units))Mr. Jones is planning a 20-year retirement; he wants to withdraw $6000 at the end of the first year, and then to increase the withdrawals by $800 each year to offset inflation. How much money should he have in his savings account at the start of his retirement, if the bank pays 9% per year, compounded annually, on his savings? Please show complete solution, do not use excel. Thank you!CORRECT ANSWER: 104,189.14
- Calculate the difference of the future amount of annuity due and ordinary annuity. Given that the periodic payment is P 12 500 with interest rate of 12 % compounded annually for 20 years. (Engineering Economy)Stereophonics, Inc., plans to borrow $20,000 from a bank for 1 year at 9% interest for new recording equipment. ( a ) Compute the interest and the total amount due after 1 year. ( b ) Construct a column graph that shows the original loan amount and total amount due after 1 year used to compute the loan interest rate of 9% per year.If $197 is deposited in a savings account at the beginning of each year for 12 years and the account draws interest at 7% per year, compounded annually, the value of the account at the end of 12 years will be most nearly. Express your answer in whole number. Correct Answer: 3,771 ± 1
- An engineering professor acquires a new computer once every two years. The professor can choose from three models: M1, M2, and M3. If the present model is M1, the next computer can be M2 with probability 0.25 or M3 with probability 0.1. If the present model is M2, the probabilities of switching to M1 and M3 are 0.5 and 0.15, respectively. And, if the present model is M3, then the probabilities of purchasing M1 and M2 are 0.7 and 0.2, respectively. Represent the situation as a Markov chain and express the probabilistic activities in the form of transition matrix. Analyzing the problem in (c), Write the steady-state equationsPlease check the question and solve itUsing Excel, create a table that can be used to look up monthly paymentson a car loan for a period of five years. The monthly payments are calculated from