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The annual interest rate of Claudia's savings account is 8.6%, and simple interest is calculated semiannually. What is the periodic interest rate of Claudia's account?

Respuesta :

Answer:

4.3

Step-by-step explanation:

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Answer:

The periodic interest rate would be 4.3 %.

Step-by-step explanation:

Given,

The annual rate = 8.6%,

Thus, the periodic rate = [tex]\frac{\text{Annual rate}}{\text{Number of periods}}[/tex]

Here, the period is semiannually,

∵ number of semiannual = 2,

Thus, the number of periods = 2,

Hence, the periodic rate = [tex]\frac{8.6\%}{2}[/tex]

= 4.3%

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