15:24 is divisible by 3, simplifying it down to 3:8. 19:24, 7:8, and 6:8 are all obviously larger than this ratio, and 1:2 can be equalized to 4:8, which is also bigger than 3:8, so none of the answer choices are less than 15:24.
$230 divided by 1/4 = 57.5
Answer:
APY = 0.04 or 4%
Step-by-step explanation:
Given the annual percentage rate of 3.5% that is compounded quarterly, and a principal of $6,500:
We can use the following formula to solve for the annual percentage yield (APY):

where <em>r</em> = interest rate = 3.5% or 0.035
<em> n</em> = number of compounding periods per year = 4
We can plug in the values into the equation:




APY = 1.03546 - 1
APY = 0.04 or 4%