SOLUTION: Given the annual interest rate and the compounding period, find i, the interest rate per compounding period. Assume a 365 day year.
14.2%compounded daily
I=%
Algebra.Com
Question 1182408: Given the annual interest rate and the compounding period, find i, the interest rate per compounding period. Assume a 365 day year.
14.2%compounded daily
I=%
Answer by ikleyn(52786) (Show Source): You can put this solution on YOUR website!
To find interest rate per compounding period, take the annual rate as the decimal
and divide it by the number of compounding periods in a year.
See the lesson
- Compounded interest percentage problems
in this site and learn the subject from there.
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