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QUESTION Lamar lock out a loan for S0600 that charges an annual interest rate of AI%%, compounded daily. Assume there are 30 days in each year. Answer each part. If necessary, refer In the list of ........... 21 Find the amount owed after one your, assuming no payments are made. Did not round any intermediate computations, and round your arrivedr to the moaned cant. $7 (b] Find the effective annual inleneed male, expressed as a percentage. Does not round any intermediate computations, and round your arrived to the nearest hundredth of a porcel. DXPLANATION (a) Finding the amount owed after one year The fulure amount dwed in givin by the compound interest formula. Compound Interest Formula 4=P( 1+ ) Here .A is the future amount in the account or the future amount wad, F is the principal (the amount invested or borrowed), F is the arrival interest. male, it is the number of limes per year the interest is compounded, and ! in the term of the investment or loan in yours. We have the following for this problem. Using these values and the ALEKS calculator, we get the following- 4303001- 1081 \\ RAT =031.475... Rounded to the newneil ciril, the amount ewind after one year is $6831 45. (b) Finding the effective annual interest rita The effective annual inlevied mile is a simply in among manal rale. It gives the same future amount amid after one your as the stated [nominal) compound interest rate over the same your. To find the effective annual inlentil male, we use the following formula. Effective Annual Interest Rate Formula 1=(1+!) -1 Here : is the effective annual interest rate, F is the (nominal) annual interist male, and e is the number of limes per your the interest is compounded. We havea the following for this problem. Using these values and the ALEKS calculator, we get the following- -1300846... Expressed in a percentage and rounded to the nearest hundredch, the effective annual interest rate is 8.44%. Another way ANSWER [a) Find the amount owed after one year, assuming no payments are made. Do not round any intermediate computations, and round your answer to the nearest cant. (B) Find the effective annual interest rate, expressed in a percentage. Do not round any intermediate computations, and round your answer to the nearest hundredth of a porcant