Answer:
No, equivalent quarterly rate will be approx 1.75%
Step-by-step explanation:
Given that Chan deposited money into his retirement account that is compounded annually at an interest rate of 7%.
We know that there are 4 quarters in 1 year.
So to find that equivalent quarterly we will divide given yearly rate by number of quarters.
That means divide 7% by 4.
which gives 1.75%.
But that is different than Chan's though of 2% quarterly interest.
Hence Chan is wrong.
You would need to write at least 11 checks for the second one to be a better option.
Since the first has a lower base cost, we know it is cheaper to start. So, we have to find out when they become even. To do so, we need an equation for both banks. We can model the first one using 5 + .25x (where x is the number of checks) and the second as 6 + .15x. Now we can set them equal to find when they are even.
5 + .25x = 6 + .15x -----> subtract 5 from both sides
.25x = 1 + .15x -----> subtract .15x from both sides
.10x = 1 -----> multiply both sides by 10
x = 10
Since they are even at 10 and better for bank 1 before that, they are all better for bank 2 afterwards.
<span>A perpendicular to a given line from a point on the line is constructed in the given choices.</span>
Answer:
i think its 80.64 i don’t know if its correct
Step-by-step explanation:
I will be right back to help