The Bensington Glass Company entered into a loan agreement with the firms bank to finance the firm's bank to finance the firm's working capital. The loan called for a floating rate that was 28 basis points ( 0.28 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 2.21 percent and a minimum of 1.71 percent. Calculate the rate of interest for weeks 2 through 10

dates

week 1)1.89%

week2) 1.69%

week 3) 1.46%

week 4) 1.37%

week 5) 1.64%

week 6) 1.63%

week 7) 1.69%

week 8) 1.89%

week 9) 1.87%

The rate of interest for week 2 is