Question: I am using the correct formula in excel and keep getting the wrong answers please help! LIBOR + spread = interest rate (Related to Checkpoint

I am using the correct formula in excel and keep getting the wrong answers please help! LIBOR + spread = interest rate

(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 27 basis points ( 0.27 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 2.22 percent and a minimum of 1.79 percent. Calculate the rate of interest for weeks 2 through 10. The rate of interest for week 2 is \%. (Round to two decimal places.) The rate of interest for week 3 is 1.74%. (Round to two decimal places.)

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