What is the effective annual interest rate

Reference no: EM13320490

1) A magazine offers a one-year subscription at a cost of 15 with renewal the following year 16.50. Also offered is a two-year subscription at a cost of 28. What is the effective annual interest rate that make two-year subscription equivalent to two successive one-year subscriptions?

2)Fisheries officials are stocking a barren lake with pike, whose number will increase annually at 40%. Fishing is prohibited the first 2 years and then 5000 pike can be removed in each of the 3rd and 4th years, so that the number remaining after the 4th year is the same as the original number stocked in the lake. Find the original number assuming that stocking takes place at the start of the year and removal takes place midyear.

Reference no: EM13320490

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