An interest rate of 4.6% per annum is equivalent to an interest rate of1.15% per quarter0.35% per month0.17% per week0.17% per fortnight$0.39% per month

Question

An interest rate of 4.6% per annum is equivalent to an interest rate of1.15% per quarter0.35% per month0.17% per week0.17% per fortnight$0.39% per month
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Solution 1

The statement seems to be a bit confusing, but I'll try to clarify it.

An annual interest rate of 4.6% does not directly convert to the other rates mentioned without some form of compounding taken into account.

  1. If we simply divide the annual rate by 4 (for 4 quarters in a year), we get 1.15% Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv

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