To determine the Annual Percentage Rate (APR) based on the given interest rate, we should follow the steps below:
1. Identify the given interest rate:
Jim Tree buys his stock on credit at an interest rate of [tex]\( 14\% \)[/tex].
2. Convert the interest rate to the APR:
Since the interest rate is already given as a percentage (14%), the APR in percentage form is the same: [tex]\( 14\% \)[/tex].
3. Round the APR to the nearest tenth:
As the given interest rate is exactly [tex]\( 14.0\% \)[/tex], there's no need for further rounding since it's already precise to one decimal place.
Therefore, to the nearest tenth, the APR is [tex]\( 14.0\% \)[/tex].
