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what is the annual rate on $525 at 0.046% per day for 3 months?

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Answer to a math question what is the annual rate on $525 at 0.046% per day for 3 months?

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Frederik

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To calculate the annual rate on $525 at a daily rate of 0.046% for 3 months, we need to convert the daily rate to an annual rate. First, let's calculate the interest earned over 3 months. The daily rate is 0.046%, which is equivalent to 0.00046 in decimal form. To calculate the interest earned over 3 months, we multiply the daily rate by the number of days in 3 months. Assuming there are 30 days in a month, the number of days in 3 months is 90. Interest earned over 3 months = $525 * 0.00046 * 90 = $21.105 Now, let's calculate the annual rate. To convert the interest earned over 3 months to an annual rate, we divide it by the principal amount and multiply by 100. Annual rate = (Interest earned over 3 months / Principal amount) * 100 = ($21.105 / $525) * 100 = 4.02% Therefore, the annual rate on $525 at a daily rate of 0.046% for 3 months is approximately 4.02%.

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