Naomi deposited money into a savings account that is compounded quarterly at an interest rate of 6%. she thinks this quarterly rate is the same as a monthly interest rate of 1.25%. is naomi right? if so, explain why and show how you got your answer. is naomi incorrect? if so, explain the mistake in her reasoning, give the correct monthly interest rate, and show how you got your answer. it’s due i’ll make you brainliest.
She is not right.
There are 3 months in a quarter so we divide the 6% by 3 to get the monthly value.
A quarter = 3 months so 6% quarterly = 6/3 = 2 % monthly.
Naomi is not right and the monthly interest rate that gives her the interest as 6% is 5.97%
The formula to calculate the future value of compound interest is
A future value?
P present value assume 100
R interest rate
N frequency of time like quarterly. .
T time assume 1 year
Let's try the interest of 6% quarterly (4)
Now try the interest of 5.97% monthly (12)
Which gives her the same result as 6% quarterly interest rate.
Hope it helps!
we first convert all the time to hours and then sum them up.
there are 24 hours in 1 day, in 58 days, there are 24 x 58 = 1,392 hours.
there are 60 minutes in 1 hour, thus, 30 minutes will be equivalent to 30 / 60 = 0.5 hours.
therefore, the number of hours it will take mercury to complete a full rotation is 1,392 + 15 + 0.5 = 1,407.5 hours
you should talk someone who owns the website about it. you did not deserve to have all that hard work and time taken away. id watch videos of little puppies to cool you down, and maybe some nacho cheese doritos.