Can y’all help me in this pls
1 answer:
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In this question, you have to isolate <em>x</em>.
First, use the distributive property.
Now that you have distributed, subtract the constants.
First, use the distributive property.
Now that you have distributed, subtract the constants.
The effective rate is calculated in the following way:
where r is the effective annual rate, i the interest rate, and n the number of compounding periods per year (for example, 12 for monthly compounding).
our compounding period is 2 since the bank pays us semiannually(two times per year) and our interest rate is 8%
so lets plug in numbers:
where r is the effective annual rate, i the interest rate, and n the number of compounding periods per year (for example, 12 for monthly compounding).
our compounding period is 2 since the bank pays us semiannually(two times per year) and our interest rate is 8%
so lets plug in numbers: