What effective annual interest rate is it earning

Reference no: EM132162750

Question: Whistling Widgets can pay the fire insurance premiums on its factory either quarterly or annually. If paid annually, the premium is $3600. If paid quarterly, there is a $50 fee added to each $900 payment. If Whistling Widgets pays annually, what effective annual interest rate is it earning?

Reference no: EM132162750

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