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Your bank will lend you $4,000 for 45 days at a cost of $50 interest. What is your effective rate of interest? Note: Use a 360-day year. Do not round intermediate calculations. Input your answer as a whole percent. Effective rate %

Your bank will lend you $4,000 for 45 days at a cost of $50 interest. What is your effective rate of interest? Note: Use a 360-day year. Do not round intermediate calculations. Input your answer as a whole percent. Effective rate %

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Your bank will lend you $4,000 for 45 days at a cost of $50 interest. What is your effective rate of interest? Note: Use a 360-day year. Do not round intermediate calculations. Input your answer as a whole percent. Effective rate %
Transcribed Image Text:Your bank will lend you $4,000 for 45 days at a cost of $50 interest. What is your effective rate of interest? Note: Use a 360-day year. Do not round intermediate calculations. Input your answer as a whole percent. Effective rate %
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