APPLIED CALCULUS (WILEY PLUS)
6th Edition
ISBN: 9781119399322
Author: Hughes-Hallett
Publisher: WILEY
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
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%.
Want to see more full solutions like this?
Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
Determine whether the lines
L₁ (t) = (-2,3, −1)t + (0,2,-3) and
L2 p(s) = (2, −3, 1)s + (-10, 17, -8)
intersect. If they do, find the point of intersection.
Convert the line given by the parametric equations y(t)
Enter the symmetric equations in alphabetic order.
(x(t)
= -4+6t
= 3-t
(z(t)
=
5-7t
to symmetric equations.
Find the point at which the line (t) = (4, -5,-4)+t(-2, -1,5) intersects the xy plane.
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, calculus and related others by exploring similar questions and additional content below.Similar questions
- Find the distance from the point (-9, -3, 0) to the line ä(t) = (−4, 1, −1)t + (0, 1, −3) .arrow_forward1 Find a vector parallel to the line defined by the parametric equations (x(t) = -2t y(t) == 1- 9t z(t) = -1-t Additionally, find a point on the line.arrow_forwardFind the (perpendicular) distance from the line given by the parametric equations (x(t) = 5+9t y(t) = 7t = 2-9t z(t) to the point (-1, 1, −3).arrow_forward
- Let ä(t) = (3,-2,-5)t + (7,−1, 2) and (u) = (5,0, 3)u + (−3,−9,3). Find the acute angle (in degrees) between the lines:arrow_forwardA tank initially contains 50 gal of pure water. Brine containing 3 lb of salt per gallon enters the tank at 2 gal/min, and the (perfectly mixed) solution leaves the tank at 3 gal/min. Thus, the tank is empty after exactly 50 min. (a) Find the amount of salt in the tank after t minutes. (b) What is the maximum amount of salt ever in the tank?arrow_forwardpleasd dont use chat gptarrow_forward
- Draw the vertical and horizontal asymptotes. Then plot the intercepts (if any), and plot at least one point on each side of each vertical asymptote.arrow_forwardDraw the asymptotes (if there are any). Then plot two points on each piece of the graph.arrow_forwardCancel Done RESET Suppose that R(x) is a polynomial of degree 7 whose coefficients are real numbers. Also, suppose that R(x) has the following zeros. -1-4i, -3i, 5+i Answer the following. (a) Find another zero of R(x). ☐ | | | | |│ | | | -1 བ ¢ Live Adjust Filters Croparrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
Use of ALGEBRA in REAL LIFE; Author: Fast and Easy Maths !;https://www.youtube.com/watch?v=9_PbWFpvkDc;License: Standard YouTube License, CC-BY
Compound Interest Formula Explained, Investment, Monthly & Continuously, Word Problems, Algebra; Author: The Organic Chemistry Tutor;https://www.youtube.com/watch?v=P182Abv3fOk;License: Standard YouTube License, CC-BY
Applications of Algebra (Digit, Age, Work, Clock, Mixture and Rate Problems); Author: EngineerProf PH;https://www.youtube.com/watch?v=Y8aJ_wYCS2g;License: Standard YouTube License, CC-BY