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dangina [55]
3 years ago
12

Kraig deposited money into a money market account. It has an interest of 12% and is compounded annually. Kraig thought 3% would

be the equivalent quarterly interest rate. Is Kraig correct? If he is, explain why. If he is not correct, state what the equivalent quarterly interest rate. Explain.
Mathematics
1 answer:
Klio2033 [76]3 years ago
7 0

Answer:

<u>If the amount is P, with the interest rate of 12%, the interest over the year is:</u>

  • P*(1.12) - P = 0.12P

<u>In this case the quarterly interest rate is:</u>

  • 0.12P/4 = 0.03P

<u>With the same amount and 3% quarterly rate, the yearly interest would be:</u>

  • P*(1.03)^4 - P = 0.1255P

<u>The quarterly interest rate in this case is:</u>

  • 0.1255P/4 = 0.031375P

If the quarterly interest rate is r, it should be little less than 3% to yield a 12% yearly rate.

So Kraig is wrong.

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