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For services rendered, an attorney accepts a 90 day note for $6,058 at 12% simple interest from a client. (Bot |
For services rendered, an attorney accepts a 90 day note for $6,058 at 12% simple interest from a client. (Both interest and principal will be repaid at the end of 90 days.) Wishing to be able to use the money sooner, the attorney sells the note to a third party for $6,092 after 30 days. What annual interest rate will the third party recieve for the investment? Express your answer as a decimal correct to three places. 14.5508 % |
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