Beatriz70
contestada

The annual interest rate of Mike's savings account is 4.8%, and simple interest is calculated monthly. What is the periodic interest rate of Mike's account?
A.0.6%

B.0.9%

C.1.8%

D.0.4%

Respuesta :

Aliwohaish12
(1+r)=(1+i/12)^12
1+0.048=(1+i/12)^12
Solve for I
I=((1.048)^(1÷12)−1)×12
I=0.047*100=4.7%

Answer:

d=0.4%

Step-by-step explanation:

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