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OpenStudy (anonymous):
@wolf1728 The annual interest rate of Mike's savings account is 4.8%, and simple interest is calculated monthly. What is the periodic interest rate of Mike's account? A. 0.6% B. 0.4% C. 0.9% D. 1.8%
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OpenStudy (wolf1728):
Annual = 4.8% Monthly = 4.8 / 12 Monthly Interest = .4% That would be B
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