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Oops! When you went in to make your deposit, the bank representative said the amount of required deposit reported in the advertisement was incorrect and should have read $22,500. This revision, which willreduce the interest rate earned on your deposited funds, will adjust your earned interest rate to

Answer :

PARRAINGO

Answer: reduce; 2.67%

Explanation:

The original interest rate was:

= Annual Cashflow/ Present value

= 600 / 15,000

= 4%

The new interest rate is:

= 600 / 22,500

= 2.67%

We can see that the interest rate reduced from 4% to 2.67%.

This revision, which will reduce the interest rate earned on your deposited funds, will adjust your earned interest rate to 2.67%.

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