Question

MY THIRD TIME POSTING THIS! PLEASE HELP!! BIG GRADE!! Naomi deposited money into a savings account that is compounded quarterly at an interest rate of 6%. She thinks this quarterly rate is the same as a monthly interest rate of 1.25%. Is Naomi right? If so, explain why and show how you got your answer. If not, also explain her mistake, give the correct monthly interest rate, and show how you got your answer. and show your work

Answer 1

Answer:

Step-by-step explanation: If we put any of the four operations between 5 and -3√8 it be irrational because it couldn’t be written in the form and it can’t be written as the ratio of two integers and it will no longer be terminating or have a repeating decimal. i just used the definition

Answer 2

Answer: Naomi is not right and the monthly interest rate that gives her the interest as 6% is 5.97%

Step-by-step explanation:

The formula to calculate the future value of compound interest is

A=p (1+r÷n)^tn

A future value?

P present value assume 100

R interest rate

N frequency of time like quarterly. .

T time assume 1 year

Let's try the interest of 6% quarterly (4)

A=100×(1+0.06÷4)^(1×4)=106.136

Now try the interest of 5.97% monthly (12)

A=100×(1+0.0597÷12)^(1×12)=106.136

Which gives her the same result as 6% quarterly interest rate.

Hope it helps!