Business, 25.03.2020 02:11 vaeh41

"Beef" Johnston will loan Phil Mickelson $5000 to pay a recent golf fine. The loan agreement has interest compounding only once (quarterly). Johnston will give Mickelson $5000 today and Mickelson will then pay $5500 to Johnston in 3 months. The two golfers think that the interest rate might be 10.00% ($500 on a $5000 loan). Calculate the EAR that truly underlies this transaction.

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"Beef" Johnston will loan Phil Mickelson $5000 to pay a recent golf fine. The loan agreement has int...

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