Wade invests $10,000 in an account that earns an annual interest rate of 1.1% compounded every three months. His account earns interest for five years. What is the compounding period for Wade's investment? yearly O 3 years quarterly 12 quarters

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Wade invests $10,000 in an account that earns an annual interest rate of 1.1% compounded every three months. His account earns interest for five years.
What is the compounding period for Wade's investment?
yearly
З years
quarterly
12 quarters
Transcribed Image Text:Wade invests $10,000 in an account that earns an annual interest rate of 1.1% compounded every three months. His account earns interest for five years. What is the compounding period for Wade's investment? yearly З years quarterly 12 quarters
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