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Solution: Compute the effective rate of interest

Solution: Compute the effective rate of interest

Problem Statement: Engineering Economics

Compounded Continuously Problem Solving

American Express Corp. charges 1.5% interest per month, compounded continuously on the unpaid balance purchases made on this credit card. Compute the effective rate of interest.

A. 19.72%

B. 21.20%

C. 20.25%

D. 19.90%

Problem Answer:

The effective rate of interest is equal to 19.72%.

View Solution:

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