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=%
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14.2%compounded daily
I=%
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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(52785) (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.
