(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

29

basis points

(0.29

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

2.25

percent and a minimum of

1.79

percent. Calculate the rate of interest for weeks 2 through 10.

DateLIBORWeek 11.97%Week 21.64%Week 31.52%Week 41.32%Week 51.56%Week 61.63%Week 71.74%Week 81.94%Week 91.93%

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Part 1

The rate of interest for week 2 is

enter your response here%.

(Round to two decimal places.)

Part 2

The rate of interest for week 3 is

enter your response here%.

(Round to two decimal places.)

Part 3

The rate of interest for week 4 is

enter your response here%.

(Round to two decimal places.)

Part 4

The rate of interest for week 5 is

enter your response here%.

(Round to two decimal places.)

Part 5

The rate of interest for week 6 is

enter your response here%.

(Round to two decimal places.)

Part 6

The rate of interest for week 7 is

enter your response here%.

(Round to two decimal places.)

Part 7

The rate of interest for week 8 is

enter your response here%.

(Round to two decimal places.)

Part 8

The rate of interest for week 9 is

enter your response here%.

(Round to two decimal places.)

Part 9

The rate of interest for week 10 is

enter your response here%.

(Round to two decimal places.)