Please help IF you can Thx In advance!!!!!
1 answer:
Answer:
Chan is not correct.
The correct equivalent quarterly interest rate is 1.3108% per quarter.
Step-by-step explanation:
Given that Chan deposited money into his retirement account.
The interest was 7% compounded annually.
Let P be the amount invested and F the final amount got after 1 year
If compounded annually,
F = P(1+0.07) = 1.07P
If compounded quarterly, no of quarters = 4
F =
= 1.3108P
Hence equivalent interest rate = 1.3108% and not 2%
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Hello :) we got similar answers but i believe you made a few distributing mistakes! hopefully my work makes sense, if not i’ll totally try to explain more
p.s i might be too late whoops
p.p.s i’m in a higher grade but i haven’t done this kinda math in a longgg time haha so if you think i did something wrong trust your gut ✌️
p.s i might be too late whoops
p.p.s i’m in a higher grade but i haven’t done this kinda math in a longgg time haha so if you think i did something wrong trust your gut ✌️