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Find the rate of growth to the nearest thousandth for the amount of money accumulated if $6000 is invested at 8% interest compounded quarterly. 1. .0824 2. .0200 3. .9800 4. 1.0…

Find the rate of growth to the nearest thousandth for the amount of money accumulated if $6000 is invested at 8% interest compounded quarterly. 1. .0824 2. .0200 3. .9800 4. 1.0…
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Find the rate of growth to the nearest thousandth for the amount of money accumulated if $6000 is invested at 8% interest compounded quarterly.

1. .0824
2. .0200
3. .9800
4. 1.0824

User Latora
by
7.9k points

1 Answer

6 votes
The correct answer is Choice 2: 0.0200.

If the interest is compounded quarterly, then it is compounded 4 times a year. To find the rate of growth, just divide 8% by 4.

0.08 / 4 = 0.02
User Dhavalcengg
by
8.1k points
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