Answer: To round the periodic interest rate to four decimal places, we need to divide the annual percentage rate (APR) by the number of periods per year. Assuming the interest is compounded annually, the periodic interest rate can be calculated as follows:
Periodic Interest Rate
=
APR
Number of periods per year
Periodic Interest Rate=
Number of periods per year
APR
Given that the APR is 17%, and assuming the interest is compounded annually (1 period per year), we can calculate the periodic interest rate as follows:
Periodic Interest Rate
=
17
100
÷
1
=
0.17
Periodic Interest Rate=
100
17
÷1=0.17
To round this to four decimal places, we have:
Periodic Interest Rate
≈
0.1700
Periodic Interest Rate≈0.1700
So, the rounded periodic interest rate to four decimal places is 0.1700.
Step-by-step explanation: