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terenzreignzBest ResponseYou've already chosen the best response.0
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

GodBlessYouBest ResponseYou've already chosen the best response.0
I'm not sure what to do next..
 8 months ago

terenzreignzBest ResponseYou've already chosen the best response.0
What is your value for r?
 8 months ago

terenzreignzBest ResponseYou've already chosen the best response.0
yes, but that's equal to 0.08. Now just solve for q :)
 8 months ago

GodBlessYouBest ResponseYou've already chosen the best response.0
dw:1374770664249:dw
 8 months ago

GodBlessYouBest ResponseYou've already chosen the best response.0
what do I do about the q? I'm not sure what to so next
 8 months ago

GodBlessYouBest ResponseYou've already chosen the best response.0
What are the steps?
 8 months ago

terenzreignzBest ResponseYou've already chosen the best response.0
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

GodBlessYouBest ResponseYou've already chosen the best response.0
I'm still not sure what to do, would you explain step by step?
 8 months ago
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