anonymous
  • anonymous
Find the quarterly interest rate if the annual rate is 8%.
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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jamiebookeater
  • jamiebookeater
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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... \[\Large (1+q)^4 = 1+r\]
anonymous
  • anonymous
I'm not sure what to do next..
terenzreignz
  • terenzreignz
What is your value for r?

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More answers

anonymous
  • anonymous
8%?
anonymous
  • anonymous
@terenzreignz
terenzreignz
  • terenzreignz
yes, but that's equal to 0.08. Now just solve for q :)
anonymous
  • anonymous
|dw:1374770664249:dw|
terenzreignz
  • terenzreignz
Yup :)
anonymous
  • anonymous
what do I do about the q? I'm not sure what to so next
anonymous
  • anonymous
What are the steps?
terenzreignz
  • terenzreignz
Well, for starters, get the fourth root of both sides?\[\Large 1+q = \sqrt[4]{1.08}\] And work it out from here
anonymous
  • anonymous
I'm still not sure what to do, would you explain step by step?

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