Question

if you wish to calculate the interest on an investment with a rate of 3.58%, what number will you plug into your equation?
a. 3.58
b. 0.358
c. 0.0358
d. 0.00358

please select the best answer from the choices provided

a
b
c
d

Explanation:

Step1: Recall percentage to decimal conversion

To convert a percentage to a decimal, divide the percentage value by 100. So for a rate of \( 3.58\% \), we use the formula \( \text{Decimal} = \frac{\text{Percentage}}{100} \).

Step2: Perform the conversion

Substitute \( 3.58 \) into the formula: \( \frac{3.58}{100} = 0.0358 \).

Answer:

C. 0.0358