Tiffany has taken out a loan with a stated interest rate of 8.145%. how much greater will tiffany’s effective interest rate be if the interest is compounded weekly than if it is compounded semiannually?

0.1681 percentage point

Step-by-step explanation:

Here the stated interest rate = 8.145% = 0.08145

If the interest is calculated weekly,

In one year number of weeks= 52,

Thus, the effective interest rate in that case,

⇒

Now, If the interest is calculated semiannually,

In one year number of half years in one year = 2

Thus, the effective interest in that case,

⇒

Since,  

Thus, Tiffany's effective interest rate is 0.1681 percentage point greater when the interest is calculated compound weekly than when the interest is calculated compound weekly.

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