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GodBlessYou
 2 years ago
Find the quarterly interest rate if the annual rate is 8%.
GodBlessYou
 2 years ago
Find the quarterly interest rate if the annual rate is 8%.

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

GodBlessYou
 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 :)

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

GodBlessYou
 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

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

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

GodBlessYou
 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?
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