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Luda [366]
3 years ago
7

20 POINTS

Mathematics
1 answer:
victus00 [196]3 years ago
8 0

Ni is not correct. To solve the equivalent quarterly interest rate, the annual interest rate should be multiplied by the correct ratio. Since the annual interest rate is 4% per year. So in 1 quarter is equal to 0.25 year.

<span>(4% / year) (0.25 year/ 1 quarter) = 1% per quarter</span>

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