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Unique7665 Unique7665
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2 years ago
An annual interest of 5.56% is paid on a bank account. Interest payments are made every four months. What is the simple annual interest rate? Enter your answer in percentage points and round to two decimal places, your answer is e.g. 7.2614% answer in that case 7.26.
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#1
Educator
2 years ago
Quote from: Unique7665 (2 years ago)
5.56%

If that's the percentage every year, every four months means every third of a year.

5.56% / 3 = 1.85%

Thus, every four months you must pay 1.85%
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