Question

The interest for a bank account is compounded quarterly. The equation 480(1.08)12 is used to calculate the value of the account after some amount of time.

The yearly interest rate for the account is
8%
3%
2%
32%
12%

Answer 1

Answer: 3%

Explanation:

since the total amount ended up being 12 your going to divide by 4 which is the quartly amount which is how u end up with 3%.

Answer 2

8%

Explanation:

1.08 is an increase of 0.08, which is 8%