I think the answer would be true
Answer:
$308.20
Step-by-step explanation:
The simple interest formula i = p·r·t applies here:
($1675)(0.046)(4) = $308.20
I too also need this answer.
Answer:
- 
Step-by-step explanation:
The reciprocal of a number n is 
The negative reciprocal is the negative of this, thus
reciprocal of 2 is -
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.
