Question

If the rate of interest on certain sum is 10% per annum then rate of interest per quarter will be
a) 5%
b) 2.5%
c) 4%
d) none

explain with process​

Answer 1

Step-by-step explanation:

10% is for annum which mean a YEAR,

but for quarter means 4 parts in 1 year ( divide by 4)

3months + 3 months + 3 months + 3 months

also the interest rate also divided into 4 parts

10/4 = 2.5%