Helping a friend.. FINANCE (1 Viewer)

[lfc_reds2003]

a friend asked me a finance q n cos the general course is much diff from other maths i wasnt quite sure

A: bill invests $11500 which gains interest at 4.8% per annum compounded quarterly how much interest does he earn in three years

B. what annual flat rate of interest does he earn?

 

[lfc_reds2003]

ok ive got part A out but what does part B mean...

 

[Trev]

You find out how much interest he has made in the 3 years, and find the equivalent of flat interest that would have given him the same amount of interest over 3 years.

 

[lfc_reds2003]

yep sweet

just forgot finance lol

been a while ay