The annual interest rate of paul's savings account is 7.2%,and simple interest is calculated monthly. what is the periodic interest rate of paul's account? a. 0.9% b. 0.6% c. 0.4% d. 1.8%

ANSWER: Option B) 0.6%

EXPLANATION: The Periodic Interest Rate is the interest rate charged on a loan over a specific period of time. Frequently, the banks or lenders quote annual interest rate but charge the interest on a periodic basis. So, the periodic interest rate is the annual interest rate divided by the number of compounding periods.

For Paul, the annual interest rate is 7.2% which is calculated every month i.e. 12 months,

So, 7.2% ÷ 12 months = 0.6%

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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