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Chapter 5: Q. 5 (page 324)

In working problems involving interest, if the payment period of the interest is quarterly, then interest is paid _____ times per year.

Short Answer

Expert verified

The answer is 4.

Step by step solution

01

Step 1. Given information 

In working problems involving interest, if the payment period of the interest is quarterly, then we have to find the number of times that interest is paid per year.

02

Step 2. Explanation

If the payment period of the interest is quarterly i.e., interest calculated for every 3 months in a year.

We know that 1 year is equal to 12 months.

Then the interest is paid 4 times a year, since 12months3months=4.

The answer is 4.

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