1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Lostsunrise [7]
4 years ago
13

Chan deposited money into his retirement account that is compounded annually at an interest rate of 7%. Chan thought the equival

ent quarterly interest rate would be 2%. Is Chan correct? If he is, explain why. If he is not correct, state what the equivalent quarterly interest rate is and show how you got your answer. (8 pts)
Mathematics
1 answer:
dedylja [7]4 years ago
4 0

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.

You might be interested in
You have been asked to design a rectangular box with a square base and an open top. The volume of the box must be 2916cm3. Deter
aleksklad [387]

Answer:

  x = 18 cm

  y = 9 cm

Step-by-step explanation:

An open-top box will have minimum surface area when it is in the shape of half a cube. The whole cube would have volume 2×2916 = 5832 cm³, so its side length would be ∛5832 cm = 18 cm.

The dimensions of the box are x = 18 cm; y = 9 cm.

__

The surface area is x^2 +4xy, where y = 2916/x^2. That is, the surface area is ...

  S = x^2 +11664/x

Setting the derivative to zero, we find ...

  dS/dx = 0 = 2x -11664/x^2

  x^3 = 5832 . . . . . . . . may look familiar

  x = ∛5832 = 18

  y = 2916/18^2 = 9

4 0
3 years ago
A pair of dice are rolled. What is the probability of getting a sum greater then 7?
timama [110]
The answer should be approximately 58.3%.

BRAINLIIEST PLS!!
6 0
3 years ago
1/2 - 1/8 <br><br> Answers should be in format 5/2 or 2/5. No decimals or mixed numbers
arsen [322]

Answer:

\frac{3}{8}

Step-by-step explanation:

1/2 - 1/8\\\frac{1}{2}-\frac{1}{8}\\\\\mathrm{Least\:Common\:Multiplier\:of\:}2,\:8:\quad 8\\\\\mathrm{Adjust\:Fractions\:based\:on\:the\:LCM}\\\frac{1}{2}=\frac{1\times\:4}{2\times\:4}=\frac{4}{8}\\\\=\frac{4}{8}-\frac{1}{8}\\\\=\frac{4-1}{8}\\\\=\frac{3}{8}

3 0
3 years ago
at the circus there were 4 times as many elephants as tigers.Tessa counted a total of 32 elephants and tigers.how many elephants
Varvara68 [4.7K]
To answer this we will divide 32 (total elephants) by 4 (times more).

32 ÷ 4 = 8

Check your work:-

8 × 4 = 32 

We were right! :) 

So, there were 32 elephants.

Hope I helped ya!!!!!!!!!! 
5 0
3 years ago
Read 2 more answers
If l // m, find the value of each missing variable
elena-s [515]

Answer: i think its 3

Step-by-step explanation:

6 0
3 years ago
Read 2 more answers
Other questions:
  • Simplify the following expression.
    13·1 answer
  • Find the area of the shape shown below. 7 3 and 3
    9·1 answer
  • Find the quotient: –3.5 and –0.875<br> –40<br> –4<br> 4<br> 40
    10·2 answers
  • Solve for z. 5z − 6 − 34 = zz − 6
    10·1 answer
  • Write 3 different ways you can express multiplication using the problem 8 times a number
    11·1 answer
  • (2x-y=24)4<br> 3x+4y=36 <br> Solve for x
    8·1 answer
  • 26mm to centi meters
    15·1 answer
  • Luis has an account at GESA Credit Union. He had a balance of $500.00 starting January 15th. He made deposits of $100, $250, and
    15·1 answer
  • Chris is selling chicken sandwiches and hamburgers at the fair in his home town. He has a total of 40
    10·2 answers
  • What is the difference between the number 16 and 23
    8·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!