Problema Solution
An Investor purchases 344 shares at $36.28 a share, holds the stock for 328 days,and then sells the stock for $46.93 a share. Assume a 360 year. What is the rate of interest? (round to three decimal places)
Answer provided by our tutors
The rate of interest is r
46.93 = 36.28(1+(328/360)r)
r = 32.33%
So the rate of interest is 2.33%
Corrected
Solution:
The rate of interest is r
46.93 = 36.28(1+(328/360)r)
r = 32.219%
So the rate of interest is 32.219%