The Bensington Glass Company entered into a loan agreement with thefirm's bank to finance thefirm's working capital. The loan called for a floating rate that was 29basis points(0.29percent) over an index based on LIBOR. Inaddition, the loan adjusted weekly based on the closing value of the index for the previous week and had a maximum annual rate of 2.22percent and a minimum of 1.75percent. Calculate the rate of interest for weeks 2 through 10.

DateLIBOR

Week 11.99%

Week 21.67%

Week 31.45%

Week 41.38%

Week 51.61%

Week 61.67%

Week 71.73%

Week 81.94%

Week 91.91%