The annual interest rate of Mike's savings account is 4.8%, and simple interest is calculated monthly. What is the periodic inte
2 answers:
The correct option will be: d. 0.4%
For finding the periodic interest rate , we need to divide the annual interest rate by the number of times interest calculated in a year.
Here, the simple interest is calculated monthly, that means the number of times interest calculated in a year will be 12.
Annual interest rate is 4.8%
So, the periodic interest rate = %
You might be interested in
Answer:
1987.2
Step-by-step explanation:
We can write a proportion to find the total amount in the choir using the information given. A proportion is two equivalent ratios set equal to each other. Since we know the strength of students increased by 8% to 2160 then the original was 92%.
We will cross multiply the numerator of one ratio with denominator of the other. And then solve for y.
92(2160)=100(y)
198720=100y
y=1987.2
There are 1987.2 as the original strength of students.