Could you please help?

timer Asked: Jul 3rd, 2014
account_balance_wallet $5

Question Description

monthly interest of 3pc on £5K for 25 days

Tutor Answer

Alex Z
School: Rice University

Your question is a bit unclear, but I think you are looking for the effective annual interest rate which results in .03 of interest on principal of 5.00 in a 25 day period (based on 360 day years).  If so, the answer is 8.64%...if not, then please message me or repost with more specifics.

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awesome work thanks

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