An investor purchases 75 shares at $37.90 a share, holds the stock for 150 days, and then sells the stock for $41.20 a share.
Many tax preparation firms offer their clients a refund anticipation loan (RAL). For a fee, the firm will give a client his refund when the return is filed. The loan is repaid when the IRS refund is sent to the firm. The RAL fee is equivalent to the interest charge for a loan. The schedule in Table 4 is from a major RAL lender. Use this schedule to find the annual rate of interest for the RA Ls in Problems 63-66.

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Table 4 RAL Amount $0-$500 $501-$1,000 $1,001-$1,500 $1,501-$2,000 $2.001-$5,000 RAL Fee $29.00 $39.00 $49.00 $69.00 $89.00