Gordon paid the $10000 balance of his federal income tax three months late. Ignore daily compounding of

Question:

Gordon paid the $10000 balance of his federal income tax three months late. Ignore daily of interest. Determine the interest rate that applies relative to this amount, assuming that:
a. Gordon is an individual.
b. Gordon is a C corporation.
c. The $10000 is not a tax that is due but is a refund payable by the IRS to Gordon (an individual).
d. The $10000 is not a tax that is due but is a refund payable by the IRS to Gordon (a C corporation).

Compounding
Compounding is the process in which an asset's earnings, from either capital gains or interest, are reinvested to generate additional earnings over time. This growth, calculated using exponential functions, occurs because the investment will...