ECONOMICS
COMPOUND INTEREST
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
scientific notation
|
|
|
negative integers
|
|
|
positive integers
|
|
|
decimal
|
Detailed explanation-1: -The decimal place on the Interest Rate field on the Financial Account should be 3 decimal places. Currently, it is set to 2 decimal places which does not work when you have a rate like 4.375% which is quite common for banks.
Detailed explanation-2: -To convert a given percentage rate to decimal form, you simply move the decimal point two places to the left. In our example, when interest is compounded annually, we have an interest rate of 1.7%. To convert to decimal form, we move the decimal two places to the left to get 0.017. Thus, r = 0.017.
Detailed explanation-3: -12% is equal to 12/100 = 0.12, in decimal form.
Detailed explanation-4: -With more complex numbers, you’ll still just move the decimal over two places. Here are a few more examples: 100% = 1. 150% = 1.5.
Detailed explanation-5: -0.01. 0.02. 0.03. 0.04. 0.05. 0.06. 0.07. 0.08. More items