46. Which of the following is a correct definition of the term effective rate? A. Value of $1 at compound interest B. Annual percentage yield C. Annual percentage rate D. Nominal rate of return on investment 47. Darrell owns a consulting business and pays taxes quarterly on his estimated annual income of $63,000. His Social Security tax is 12.4%, Medicare is 2.9%, and his estimated federal income tax rate is 22%. How much quarterly estimated tax must Darrell send to the IRS for the first quarter? A. $5,874.75 B. $13,860.00 C. $15,750.00 D. $23,498.99 48. On a promissory note, the payee is the A. amount of money borrowed B. amoun C. person borrowing the money and issuing the note D. person lending the money and receiving the payment. t of money being paid back. 49. Every week, a grocery store buys 30 gallons of milk at a cost of $1.58 per gallon. The store owner anticipates a 15% spoilage rate. In order to achieve a 20% markup based on selling price, what should be the selling price per gallon? Round your answer to the near est cent. A. $1.66 B. $1.98 C. $2.19 D. $2.32 50. EOM or end-of-month dating is the same as A. FO.B. dating B. ordinary dating C. R.O.G. dating D. proximo dating