Alex Is Using Excel to Calculate the Compound Interest He

question 22

Multiple Choice

Alex is using Excel to calculate the compound interest he will receive on an investment. His investment accrues interest on a quarterly basis. If the yearly interest rate is 8% and stored in Cell B3, what formula should Alex use to calculate the 1st quarter interest rate?

• A) =B3/3
• B) =B3/4
• C) =B3*3
• D) =B3*4

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