In Problems 2126 use the given annual interest rate r and th

In Problems 21-26, use the given annual interest rate r and th pounding period to find i, the interest rate per compoun 21.9% compounded monthly e com- wn quantity 6% compounded quarterly 23. 14.6% compounded daily 1.03)2

Solution

A=p (1+r/n)^nt where A is the amount, p is the principal and

r is the rate of interest. n is the number of times the interest is compounded, since it\'s compounded daily, here n= 365 for normal years and 366 for a leap year.

Interest i can be calculated from A-P

And A/P = (1+.146/365)^365t where t is the number of years for which i is being calculated.