You invest $500 in an account that has a annual interest rate of 5%, compounded quarterly for four years. What is the equivalent
interest rate, and how many times will the money be compounded
1 answer:
Answer:
1.25% and 16 times
Step-by-step explanation:
Since the interest is compounded quarterly it will be compounded 4 times a year. So 4 x 4 is 16, so it will be compounded 16 times.
Then you have to divide the 5% by four to get how much will be compounded each quarter. So, (0.05 / 4) = 0.0125, which is 1.25%.
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