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# Using the bank and exact method, calculate the interest on capital 10000 at 12% annual nominal interest rate for the period from 15.3. 2016 until 10/10/2016

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## Answer to a math question Using the bank and exact method, calculate the interest on capital 10000 at 12% annual nominal interest rate for the period from 15.3. 2016 until 10/10/2016

Birdie
4.5
To calculate the interest on capital using the bank and exact method, we will use the following formula:

Interest = Capital * Rate * Time

Where:
Capital = $10,000 Rate = 12% $or 0.12 as a decimal$ First, let's calculate the time period in years. The given period is from 15.3.2016 until 10/10/2016. Using a calendar, we can see that this is a time period of approximately 209 days = 209/365 years $from March 15, 2016, to October 10, 2016$. Next, we can substitute the values into the formula: Interest =$10,000 * 0.12 * 209/365

Calculating this expression, we get:
Interest = \$687.12.

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