Babe are u ready ton join back and does anyone wanna join my meeting
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Ответ:
I dont know
I dont have a com
Ответ:
The higher interest rate is 0.3% monthly rather than 0.7% quarterly
Explanation:
Equivalent Rates of Interest
Rates of interest are related to time. If we are given a specific monthly rate r, it can be found an equivalent rate in another time base. But it depends on the type of interest we're working with (simple or compound)
If we have a r=0.3% per month, we can find the equivalent quarterly rate by simply multiplying by 3, if the investment is made on the simple interest type. In this case r = 0.3%*3 = 0.9% quarterly.
If we are working with compound interest, the equivalent rate is more complicated to find
(1+r)=(1+0.003)^3=1.0009003
We find
In both cases, the higher interest rate is 0.3% monthly rather than 0.7% quarterly