ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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When calculatinginterest, how do you write the percent?
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a fraction
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a decimal
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a round number
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not enough information
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Explanation:
Detailed explanation-1: -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-2: -What is 12% in decimal form? 12% is equal to 12/100 = 0.12, in decimal form.
Detailed explanation-3: -For example, 15% is equivalent to the decimal 0.15. Notice that dividing by 100 moves the decimal point two places to the left.
Detailed explanation-4: -0.01. 0.02. 0.03. 0.04. 0.05. 0.06. 0.07. 0.08. More items
There is 1 question to complete.