Answer:
- a) 0.045
- b) 0.015
- c) 0.00049315
- d) 0.00692308
- e) 0.0075
Step-by-step explanation:
Apparently, your periodic rate is that used to compute the interest accrued each period. It seems to be the compound (annual) rate divided by the number of periods in a year: quarterly, 4; monthly, 12; daily, 365; biweekly, 26; semimonthly, 24.
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If you want the effective annual rate to be 18% in each case, the numbers are different. For n periods per year, those are calculated as
[tex]\sqrt[n]{1.18}-1[/tex]
A periodic rate of 0.04224664 will give an effective annual rate of 18%.
