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Sagot :
The answer is false because the answer will be 0.04863%
To find the periodic interest rate we have to know about the following terms:-
Interest Rate (R)
It is the nominal interest rate or "stated rate" in percent. r = R/100
Compounding Periods (m)
It is the number of times compounding will occur during a period.
Periodic Interest Rate (P)
This is the rate per compounding period, such as per month when your period is year and compounding is 12 times per year.
R ={ (1 + i/m) to the power m/n - 1 }
Where,
i = nominal annual rate
n = number of payments per year i.e., 12 for monthly payment, 1 for yearly payment and so on.
m = number of compounding periods per year
The period interest rate per payment is integral to the calculation of annuity instruments including loans and investments.
So, R = 0.04863%
To know more about the Periodic interset rate
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