Problem
Whistling Widgets can pay the fire insurance premiums on its factory either quarterly or annually. If paid annually, the premium is $3600. If paid quarterly, there is a $50 fee added to each $900 payment. If Whistling Widgets pays annually, what effective annual interest rate is it earning?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.