Question

PLZ HELP ASAP!!!!! Show all work

Answer 1

a) 198.7% interest

Not too sure about answer to (b)

b) 4.75% annualized

Explanation:

a) i used Interest = Principal x Rate x Time

40 = 525 x
`(14)/(365)` x r

40 = 20.13r

r = 1.987 or 198.7%

b) i used this proportion:
`(1.98)/(1/24)` =
`(x)/(1)` 'x' represents annualized rate

1/24 represents 2 weeks out of a year

1/24x = 1.98

x = 4.75%