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.
Answer:
huh? and it wont load the picture
Step-by-step explanation:
2x/3-6=4. 2x/3=4+6. 2x/3=10. 2x=10*3. 2x=30. X=30/2. x=15.
