The annual interest rate of Marcella's savings account is 7.2%, and simple interest is calculated semiannually. What is the periodic interest rate of Marcella's account?

A. 0.8%
B. 1.2%
C. 3.6%
D. 0.4%

Question

The annual interest rate of Marcella's savings account is 7.2%, and simple interest is calculated semiannually. What is the periodic interest rate of Marcella's account?

 		A.	0.8%
 		B.	1.2%
 		C.	3.6%
 		D.	0.4%

anonymous · Answer

@TheSmartOne  help plzz

anonymous · Answer

@JesusismyAnchor<3

anonymous · Answer

Hmmm. I am not sure if I can help you, but I can try to find a helpful website or video, would that work?

anonymous · Answer

ok thanks @JesusismyAnchor<3

anonymous · Answer

No problem, ar!3, happy to help, unlike everyone else who is too busy chatting ;) Alright, be back ina second

anonymous · Answer

@ar!3 , what math are you doing That will help me find a good video for you :)

anonymous · Answer

financial littracy @JesusismyAnchor<3

anonymous · Answer

ok

anonymous · Answer

Here, this might help, I don't know... http://www.youtube.com/watch?v=G33pZdQn7U0

anonymous · Answer

you just need to divide 7.2% by 2 which is 3.6% since 7.2% is the annual interest and it is a simple interest at semi-annually... the periodic interest rate...

anonymous · Answer

Sorry if it doesn't help, I am only in algebra 1

anonymous · Answer

Orion1213 would know better, he will probably help more than I can!

anonymous · Answer

the annual interest rate is just distributed per month depending on the mode of payment...

anonymous · Answer

lol ok thanks @Orion1213  and @jeannacrisp

anonymous · Answer

semi-annually is just the halh of annual...

anonymous · Answer

no problem, always willing to help as long as i know it and have time to help...$\ddot\smile$

anonymous · Answer

@Orion1213 nice, I am sure you helped way more than I did!