The annual interest rate of Marta's savings account is 7.2% in a simple interest is calculated quarterly. What is the periodic i

Question

grandymaker [24]

2 years ago

9

The annual interest rate of Marta's savings account is 7.2% in a simple interest is calculated quarterly. What is the periodic i

nterest rate of Marta's Account? HELPPPPPPPPP APEX

Mathematics

1 answer:

kkurt [141] · Answer 1 · 2022-08-23T03:05:32+03:00

1. You have the following information:

-The annual interest rate is 7.2%.
- The simple interest is calculated quarterly.

2. Then, to solve this exercise and calculate the periodic interest rate of Marta's Account, you only have to divide the annual interest rate (7.2%) by 1/4 year. So, you have:

=(7.2%)(1/4)
=(7.2%)/4
=1.8%

What is the periodic interest rate of Marta's Account?

The answer is: 1.8%