Use the commission schedule from Company A shown in the table to find the annual rate of interest earned on the investment. (Note: commissions are rounded to the nearest cent.) Principal (Value of Stock) Commission Under $3,000 $25+1.8% of principal $3,000 to $10,000 $37+1.4% of principal Over $10,000 $107+0.7% of principal An investor purchases 396 shares at $12.01 a share, holds the stock for 45 weeks, and then sells the stock for $16.63 a share. The annual rate is My wrong answer >>>>37.55%. (Round to five decimal places.)

Use the commission schedule from Company A shown in the table to find the annual rate of interest earned on the investment. (Note: commissions are rounded to the nearest cent.) Principal (Value of Stock) Commission Under $3,000 $25+1.8% of principal $3,000 to $10,000 $37+1.4% of principal Over $10,000 $107+0.7% of principal An investor purchases 396 shares at $12.01 a share, holds the stock for 45 weeks, and then sells the stock for $16.63 a share. The annual rate is My wrong answer >>>>37.55%. (Round to five decimal places.)

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter14: Long-term Liabilities: Bonds And Notes

Section: Chapter Questions

Problem 1PEA

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Use the commission schedule from Company A shown in the table to find the annual rate of interest earned on the investment. (Note: commissions are rounded to the nearest cent.) Principal (Value of Stock) Commission Under $3,000 $25+1.8% of principal $3,000 to $10,000 $37+1.4% of principal Over $10,000 $107+0.7% of principal An investor purchases 250 shares at $12.22 a share, holds the stock for 51 weeks, and then sells the stock for $14.41 a share. Question content area bottom Part 1 The annual rate is enter your response here%. (Round to five decimal places.)
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