What is the simple annual cost of three?month $100,000 commercial paper that is sold for $96,400? What is the true compounded rate of interest??
What will be an ideal response?
?The simple rate:? i = $3,600 x 12 = 14.94% $96,400 3?The compound rate: i = ($100,000/$96,400)365/90 ? 1 = .1603 = 16.03% (PV = -96400; N = .2466; I = ?; PMT = 0, and FV = 100000. I = 16.03.)
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