Answer:
No, equivalent quarterly rate will be approx 1.75%
Step-by-step explanation:
Given that Chan deposited money into his retirement account that is compounded annually at an interest rate of 7%.
We know that there are 4 quarters in 1 year.
So to find that equivalent quarterly we will divide given yearly rate by number of quarters.
That means divide 7% by 4.
which gives 1.75%.
But that is different than Chan's though of 2% quarterly interest.
Hence Chan is wrong.
R=xa+xb, r-xa=xb, b=r-xa/x
N+14=17. n=3. So the missing number is 3.
3 x - 7 = 5 x + 13
3 x - 5x = 13 + 7
-2x = 20
x = 20 / -2
x = - 10