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GodBlessYou

Find the quarterly interest rate if the annual rate is 8%.

  • 8 months ago
  • 8 months ago

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  1. terenzreignz
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    Let's have q for the quarterly rate of interest and r for the annual rate, shall we? :) Then we have this relation... \[\Large (1+q)^4 = 1+r\]

    • 8 months ago
  2. GodBlessYou
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    I'm not sure what to do next..

    • 8 months ago
  3. terenzreignz
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    What is your value for r?

    • 8 months ago
  4. GodBlessYou
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    8%?

    • 8 months ago
  5. GodBlessYou
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    @terenzreignz

    • 8 months ago
  6. terenzreignz
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    yes, but that's equal to 0.08. Now just solve for q :)

    • 8 months ago
  7. GodBlessYou
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    |dw:1374770664249:dw|

    • 8 months ago
  8. terenzreignz
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    Yup :)

    • 8 months ago
  9. GodBlessYou
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    what do I do about the q? I'm not sure what to so next

    • 8 months ago
  10. GodBlessYou
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    What are the steps?

    • 8 months ago
  11. terenzreignz
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    Well, for starters, get the fourth root of both sides?\[\Large 1+q = \sqrt[4]{1.08}\] And work it out from here

    • 8 months ago
  12. GodBlessYou
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    I'm still not sure what to do, would you explain step by step?

    • 8 months ago
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