Question

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

291

likes

1457 views

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

$Expert avatar$

Frederik

4.6

101 Answers

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%.

Frequently asked questions (FAQs)

What is the measure of the angle formed by the angle bisector that splits ∠ABC into two congruent angles?

Math question: Find the slope-intercept equation of a line passing through (3, -2) and (7, 5). (

What is the dimension of the subspace spanned by the vectors (1, 2, -1) and (3, 1, 4)?

New questions in Mathematics

Karina has a plot of 5,000 square meters in which she has decided that 60% of it will be used to plant vegetables. Of this part, 12% will be dedicated to planting lettuce. How much surface area of the plot will be used for cultivation?

132133333-33

Let I ⊂ R be a bounded and nonempty interval. Show that there are numbers a, b ∈ R with a ≤ b and I =[a,b] or I =[a,b) or I =(a,b] or I =(a,b)

2x-4y=-6; -4y+4y=-8

Perpetual annuities are a series of payments whose duration has no end. Explain how can we calculate them, if they have no end?

We have spent 1/4 of the inheritance on taxes and 3/5 of the rest on buying a house. If the inheritance was a total of €150,000 How much money do we have left?

A pair of die is thrown and the absolute difference of the two scores is recorded. What is the probability of the absolute difference being 4 or more?