Question 12 Peta owns a credit card that has no annual fees and charges 22.84% p. a. interest on all purchases. The interest is charged from the date
of purchase, including the day of purchase and the day of payment.

a) Show that the daily interest rate is 0.0626%

b) On the 10th of January, Peta bought a bed for $950 using her credit card. She paid her credit card account on the 5th of
February. What was the total amount she paid for the bed, including interest?