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Answer:
1. monthly: 0.25%; quarterly: 0.75%
2. monthly: ≈ 0.45833%; quarterly: 1.375%
Step-by-step explanation:
In each case, the base of the exponential term is the annual growth factor. The annual growth rate (interest rate) is ...
growth rate = growth factor - 1
Then the monthly rate is ...
monthly rate = growth rate/12
and the quarterly rate is ...
quarterly rate = growth rate/4
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1. monthly rate = (1.03 -1)/12 = 0.03/12 = 0.0025 = 0.25%
quarterly rate = (1.03 -1)/4 = 0.03/4 = 0.0075 = 0.75%
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2. monthly rate = (1.055 -1)/12 = 0.055/12 ≈ 0.0045833 = 0.45833%
quarterly rate = (1.055 -1)/4 = 0.055/4 = 0.01375 = 1.375%
