A community for students.
Here's the question you clicked on:
 0 viewing
anonymous
 2 years ago
Find the quarterly interest rate if the annual rate is 8%.
anonymous
 2 years ago
Find the quarterly interest rate if the annual rate is 8%.

This Question is Closed

terenzreignz
 2 years 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... \[\Large (1+q)^4 = 1+r\]

anonymous
 2 years ago
Best ResponseYou've already chosen the best response.0I'm not sure what to do next..

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

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

anonymous
 2 years ago
Best ResponseYou've already chosen the best response.0dw:1374770664249:dw

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

terenzreignz
 2 years 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

anonymous
 2 years ago
Best ResponseYou've already chosen the best response.0I'm still not sure what to do, would you explain step by step?
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.