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o-na [289]
1 year ago
9

An online bank is offering to pay 0.25 % interest per month on deposits. Your local bank offers to pay 0.75 % interest quarterly

(every 3 months). Which is the higher interest rate?
Business
1 answer:
Liono4ka [1.6K]1 year ago
4 0

Both have the same interest rate which is 3%.

<h3>What is interest?</h3>
  • In finance and economics, interest is the payment of an amount above the repayment of the principal sum by a borrower or deposit-taking financial institution to a lender or depositor at a specific rate by a borrower or depositor.
  • It differs from a fee that the borrower may pay to the lender or a third party.

To find the higher interest rate:

Given that,

  • Interest rate per month = 0.25%
  • Interest rate per quarter = 0.75%

If we calculate the annual interest for monthly and quarterly rates, it will be:

Monthly

  • No. of months in a year = 12
  • Monthly rate = 0.25%

So,

  • Annual Interest = 0.25 × 12
  • = 3%

Quarterly

  • No. of quarters in a year = 4
  • Quarterly rate = 0.75%

So,

  • Annual Interest = 0.75 × 4
  • = 3%

Therefore, both have the same interest rate which is 3%.

Know more about your interests here:

brainly.com/question/2294792

#SPJ4

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An unfavorable materials quantity variance indicates that the actual usage of materials exceeds the standard material allowed for output.

<h3>What do you mean by material quantity variance?</h3>

The material quantity variance refers to the difference between the standard amount and the actual amount of materials used in the production process.

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3 0
2 years ago
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miskamm [114]

Answer:

Job training

Explanation:

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5 0
3 years ago
1. Which of the following events would make it more likely that a company would call its outstanding callable bonds? a. The comp
muminat

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