Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. a taxpayer expects an income tax refund of $380 on

A taxpayer expects an income tax refund of $380 on May 1. On March 10,...

80.2K

Verified Solution

Question

Finance

A taxpayer expects an income tax refund of $380 on May 1. On March 10, a tax discounter offers 85% of the full refund in cash. What rate of simple interest will the tax discounter earn?

note: the equations used to solve this question are either s = p(1+rt) , D = sdt , or p = s(1-dt); i used the first one but got 124.27% whereas the answer is 123.87%. No rounding error was made im pretty positive of that.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

Two catalysts are being analyzed to determine how they affect the mean yield of a chemical...

Mechanical Engineering
1.2K views

a. Explain the operation of thermodynamic systems i.e. open system and closed system with the aid...

Advance Math
1.2K views

Let f: X?Y and g: Y?Z be both onto. Prove that g?f is an onto function Let...

Biology
1.2K views

5 A man homozygous for brown eyes married a blue-eyed woman. Their son Fred married...

Physics
1.2K views

25 Sphere is charged uniformly If one moves from A to B along diameter AB...

Geometry
1.2K views

The terminal side of angle 0 intersects the unit circle in the first quadrant at...

Statistics
1.2K views

5 6 Refer to Exercise 5 5 The engineer in charge of the coffee manufacturing...

Accounting
1.2K views

You compute a real estate development company's debt ratio for years ending December 31, 2012,...

Accounting
1.2K views

Sergio identifies a conflict of interest in connection with his tax client, Company C. Which...

Accounting
1.2K views

Molly plc is finalising certain figures that will appear in its financial statements as at...

Accounting
1.2K views

How would you explain CLV to a small business owner who had no formal business...

Accounting
1.2K views

Shopify sold 7.7m shares of no par common stock during its IPO for $28/share. The...