$($Related to Checkpoint $9\mathrm{.}1)($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 $25$ basis points $(0\mathrm{.}25$ 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 $2\mathrm{.}23$ percent and a minimum of $1\mathrm{.}71$ percent. Calculate the rate

of interest for weeks $2$ through $10.$

The rate of interest for week $2$ is

$\%.($Round to two decimal places.$)($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 $25$ basis points $(0\mathrm{.}25$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 $2\mathrm{.}23$ percent and a minimum of $1\mathrm{.}71$ percent. Calculate the rate of interest for weeks $2$ through $10.$

Date

LIBOR

Week $1$

$1\mathrm{.}95\%$

Week $2$

$1\mathrm{.}63\%$

Week $3$

$1\mathrm{.}49\%$

Week $4$

$1\mathrm{.}37\%$

Week $5$

$1\mathrm{.}61\%$

Week $6$

$1\mathrm{.}67\%$

Week $7$

$1\mathrm{.}67\%$

Week $8$

$1\mathrm{.}89\%$

Week $9$

$1\mathrm{.}86\%$

$($Click on the icon in order to copy its contents into a spreadsheet.$)$

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Part $1$

The rate of interest for week $2$ is

$$

enter your response here$\%.($Round to two decimal$$ places.$)$