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

1. terenzreignz Group Title

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

2. GodBlessYou Group Title

I'm not sure what to do next..

3. terenzreignz Group Title

What is your value for r?

4. GodBlessYou Group Title

8%?

5. GodBlessYou Group Title

@terenzreignz

6. terenzreignz Group Title

yes, but that's equal to 0.08. Now just solve for q :)

7. GodBlessYou Group Title

|dw:1374770664249:dw|

8. terenzreignz Group Title

Yup :)

9. GodBlessYou Group Title

what do I do about the q? I'm not sure what to so next

10. GodBlessYou Group Title

What are the steps?

11. terenzreignz Group Title

Well, for starters, get the fourth root of both sides?$\Large 1+q = \sqrt[4]{1.08}$ And work it out from here

12. GodBlessYou Group Title

I'm still not sure what to do, would you explain step by step?