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.
9.08 divided by 9 is 1.008888889
I think C... I'm guessing cause my math is wrong
Answer:
To determine the exponential growth of Michelle's tree at 12 years, taking into account that it measures 7 feet and grows 14% annually, the following calculation must be performed:
X = 7 x (1 + 0.14) 12
X = 33.7
Thus, in 12 years, the height of Michelle's tree will be 33.7 feet. In turn, the tree of Tara will measure 58 feet at the same time.
The first time Michelle's tree surpasses Tara's will be at age 20, when Michelle's tree will measure 96.2 feet (X = 7 x (1 + 0.14) 20), while Tara's tree will measure 90 feet.
