APPLIED CALCULUS-PRINT COMPANION (LL)
6th Edition
ISBN: 9781119275565
Author: Hughes-Hallett
Publisher: WILEY
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Chapter B, Problem 1P
To determine
A department stores issues its own credit card, with an interest rate of 2% per month. Explain why this is not the same as an annual rate of 24%. What is the effective annual rate?
Expert Solution & Answer
Answer to Problem 1P
26.8%
Explanation of Solution
Given information:
A department stores issues its own credit card, with an interest rate of 2% per month.
Calculation:
Effective annual rate is given by
So,each compounding adds more than an one time compounding of 24%.
Thus, it is not the same as annual rate of 24%.
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Chapter B Solutions
APPLIED CALCULUS-PRINT COMPANION (LL)
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