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GodBlessYou
 one year ago
Find the quarterly interest rate if the annual rate is 8%.
GodBlessYou
 one year ago
Find the quarterly interest rate if the annual rate is 8%.

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terenzreignz
 one year ago
Best ResponseYou've already chosen the best response.0Let's have q for the quarterly rate of interest and r for the annual rate, shall we? :) Then we have this relation... \[\Large (1+q)^4 = 1+r\]

GodBlessYou
 one year ago
Best ResponseYou've already chosen the best response.0I'm not sure what to do next..

terenzreignz
 one year ago
Best ResponseYou've already chosen the best response.0What is your value for r?

terenzreignz
 one year ago
Best ResponseYou've already chosen the best response.0yes, but that's equal to 0.08. Now just solve for q :)

GodBlessYou
 one year ago
Best ResponseYou've already chosen the best response.0dw:1374770664249:dw

GodBlessYou
 one year ago
Best ResponseYou've already chosen the best response.0what do I do about the q? I'm not sure what to so next

GodBlessYou
 one year ago
Best ResponseYou've already chosen the best response.0What are the steps?

terenzreignz
 one year ago
Best ResponseYou've already chosen the best response.0Well, for starters, get the fourth root of both sides?\[\Large 1+q = \sqrt[4]{1.08}\] And work it out from here

GodBlessYou
 one year ago
Best ResponseYou've already chosen the best response.0I'm still not sure what to do, would you explain step by step?
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