20 points and will mark brainliest you need to explain chan deposited money into his retirement account that is compounded annually at an interest rate of 7%. chan thought the equivalent quarterly interest rate would be 2%. is chan correct? if he is, explain why. if he is not correct, state what the equivalent quarterly interest rate is and show how you got your answer. (8 pts)

He is not correct because it would be less than 2

Step-by-step explanation:

The actual quarterly interest rate would be 0.175.I got this by dividing 0.7 by 4 and you get 0.175. 0.175 is close but it is not 2 which makes Chans statement wrong.

step-by-step explanation:

if you want to solve percent error follow these steps.

1. subtract the accepted value from the experimental value.

2. take the absolute value of step 1.

3. divide that answer by the accepted value.

4. multiply that answer by 100 and add the % symbol to express the answer as a percentage.

if you want to solve percent of change just do this.

1. work out the difference (increase) between the two numbers you are comparing.

2. divide the increase by the original number and multiply the answer by 100. if your answer is a negative number then this is a percentage decrease.

hope this : )