Please solve for all parts and questions being asked. Please calculate the rate of interest...
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Please solve for all parts and questions being asked. Please calculate the rate of interest for weeks 2 through 10 and show all work and steps.
(Related to Checkpoint 9.1) (Floating-rate loans) The Bensington Glass Company entered into a loan agreement with the firm's bank to finance the firm's working capital. The loan called for a floating rate that was 28 basis points ( 0.28 percent) over an index based on LIBOR. In addition, the loan adjusted weekly based on the closing value of the index for the previous week and had a maximum annual rate of 2.24 percent and a minimum of 1.73 percent. Calculate the rate of interest for weeks 2 through 10. (Cillck on the Icon in order to copy its contents into a spreadsheet.)
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