What is the apr with weekly compounding

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Reference no: EM132662040

Ethics Issues

Suppose you are in a hurry to get your income tax refund.
If you mail your tax return, you will receive your refund in 3 weeks.
If you file the return electronically through a tax service, you can get the estimated refund tomorrow.
The service subtracts a $50 fee and pays you the remaining expected refund. The actual refund is then mailed to the preparation service.
Assume you expect to get a refund of $978.

Problem 1: What is the APR with weekly compounding?

Problem 2: What is the EAR?

Problem 3: How large does the refund have to be for the APR to be 15%?

Problem 4: What is your opinion of this practice?

Reference no: EM132662040

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