The annual membership dues in the Rolling Meadows Golf and Country Club can be paid by four payments of $898.80 at the beginning of each calendar quarter instead of by a single payment of $3428 at the beginning of the year. What effective rate of interest is the club charging the quarterly instalment payers on the unpaid balance of their annual dues?

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The Answer of The annual membership dues in the Rolling Meadows Golf and Country Club can be paid by four payments of $898.80 at the beginning of each calendar quarter instead of by a single payment of $3428 at the beginning of the year. What effective rate of interest is the club charging the quarterly instalment payers on the unpaid balance of their annual dues?

The Annual Membership Dues in the Rolling Meadows Golf and Country