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The annual interest rate is 7.8%. Find the following: (a) The semiannual interest rate in percent. (b) The quarterly interest rate in percent. (c) The monthly interest rate in percent. 2. Corrected_text: Consider the following: $35,000 is invested at 7.5% compounded annually for 8 years. (Round your final answers to two decimal places.) (a) Find the final amount in dollars. (b) Find the total interest earned on the original investment in dollars. Title_with_topic: Interest Rates and Investment Calculations
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So, the semiannual interest rate is 7.8% / 2 = 3.9%. (b) The quarterly interest rate in percent can be found by dividing the annual interest rate by 4. So, the quarterly interest rate is 7.8% / 4 = 1.95%. (c) The monthly interest rate in percent can be found by Show more…
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