naomi deposited money into a savings account that is compounded quarterly at an interest rate of 6%. She thinks this quarterly rate is the same as a mounthly intrest rate of 1.25%. Is naomi right? If so, eplains why and show how you got that answer. Is naomi inncorrect? If so explain the mistake in her reasoning, give the correct monthly interest rate, and show how you got your answer.

Question

jhonyy9 · Answer

any idea ? do you know what mean quarterly rate ?

jhonyy9 · Answer

you can checking here : https://www.thefreedictionary.com/quarterly

jhonyy9 · Answer

hallm are you here ? please collaborate - i like help you

jhonyy9 · Answer

quarter of a year = 12 months divide 4 = 3 month so from this result that the quarterly rate of 6% mean a rate of 3 month

yes ?

hallm · Answer

ohh im sorry i didn't noticed  that someone was on here i was doing something im here now though

jhonyy9 · Answer

ok so what is your idea now ?

can you continue it ?

hallm · Answer

i think so if i need more help i can always message you to see if your on to help if that is ok with you

jhonyy9 · Answer

ok - but please write mea here how you solve this your exercise ?

hallm · Answer

ok i will

jhonyy9 · Answer

wait it

hallm · Answer

??

jhonyy9 · Answer

i wait your work - please write here how you solve it

jhonyy9 · Answer

you ve said that you understand what i ve wrote above

hallm · Answer

im a little confused at what your saying

jhonyy9 · Answer

so you know that quarterly mean 12/4 = 3 months

Naomi thinks that this quarterly rate is the same as a monthly rate of 1,25%

but you know that a quarterly rate mean a rate of 3 months what is given that is 6%

in this case you can writing, using the rule of 3 simple ,so

a rate of 3 months equal 6% 
a rate of 1 month equal x%

x = 1*6/3 = 6/3 = 2%  so from this result that the Noemi's answer not is right

jhonyy9 · Answer

do you understand it now ?

hallm · Answer

yes i do

jhonyy9 · Answer

@ThisGirlPretty

hallm sure ?