Final answer:
The Hi−Fi modem company's new frequency modulation can have 8 frequency levels per interval.
Step-by-step explanation:
In frequency modulation (FM), the baud rate represents the number of signal elements per second. The signal elements are used to transmit data, and each signal element can represent multiple bits.
In this case, the baud rate is 4800, meaning there are 4800 signal elements per second. On the other hand, the transmission rate is given as 38400 bits per second.
To find the number of frequency levels per interval, we can divide the transmission rate by the baud rate. In this case, 38400 bits/second divided by 4800 baud gives us 8 frequency levels per interval.
Therefore, each interval in the frequency modulation can have 8 frequency levels.