Asked by Michelle
Calculate the rate of interest compounded yearly (j) equivalent to 8% pa compounded quarterly. Give your answer as a percentage per annum to 3 decimal places.
Answers
Answered by
Reiny
let the rate compounded yearly be i
then
1+i = (1 + .02)^4
1 + i = 1.08243
i = .08243 or 8.243%
then
1+i = (1 + .02)^4
1 + i = 1.08243
i = .08243 or 8.243%
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