Answered

The annual interest rate of Jacques' savings account is 3.6%, and simple interest is calculated monthly. What is the periodic interest rate of Jacques' account?

A0.6%
B0.9%
C0.3%
D1.8%

Verified Answer :

InesWalston

Answer:

The periodic interest rate of Jacques' account is 0.3%

Step-by-step explanation:

The annual interest rate of Jacques' savings account is 3.6%.

In a year, there are 12 months. So dividing the total annual interest rate with 12 we will get the interest for each month.

Hence, the monthly interest rate will be,

\(=\dfrac{3.6}{12}\)

\(=0.3\%\)

Therefore, the periodic interest rate of Jacques' account is 0.3%

kylemwhite16

Answer:

C is correct

Step-by-step explanation:

0.3 is correct

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