They successfully gathered $83,550; here's how I arrived at that amount. Since $15,000 represents 100% of the goal and they amassed 557%, I calculated $15,000 multiplied by 5, which equals $75,000, plus 57% of $15,000 which amounts to $8,550. Therefore, adding $75,000 and $8,550 gives a total of $83,550.
Answer:
15.18%
Explanation:
To calculate the nominal annual rate
The first step is to determine EFF% with this formula
EFF% = [1 + (Nominal rate percentage/Number of months in a year)]^Number of months in a year
Let's substitute into the formula
EFF% = [1 + (15%/12)]^12
EFF% = (1 + 0.0125)^12
EFF% = (1.0125)^12
EFF% = 1.1608 × 100%
EFF% = 116.08%
The second step is to find Rnom for quarterly compounding at 116.08% using this formula
Rnom compounding quarterly = (1 + (R/4))^4
Let's plug into the formula
Rnom compounding quarterly = (116.08%)^(1/4) Rnom compounding quarterly = 1 + R/4
Thus,
Rnom compounding quarterly = 15.18%
Therefore, Anne Lockwood should offer her customers a nominal rate of 15.18% compounded quarterly
23% decline.
This can be calculated by dividing 1,650,000 by 2,150,000, resulting in 0.7674. By multiplying this figure by 100, we arrive at 76.74%.
Yet, this represents the proportion that 1,650,000 constitutes of 2,150,000. Hence, we need to subtract this number from 100, yielding 23.26, or rounded to 23%.
