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OpenStudy (anonymous):
Find the quarterly interest rate if the annual rate is 8%.
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terenzreignz (terenzreignz):
Let's have q for the quarterly rate of interest and r for the annual rate, shall we? :) Then we have this relation... \[\Large (1+q)^4 = 1+r\]
OpenStudy (anonymous):
I'm not sure what to do next..
terenzreignz (terenzreignz):
What is your value for r?
OpenStudy (anonymous):
8%?
OpenStudy (anonymous):
@terenzreignz
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terenzreignz (terenzreignz):
yes, but that's equal to 0.08. Now just solve for q :)
OpenStudy (anonymous):
|dw:1374770664249:dw|
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