Question 1179016
Here's how to calculate the daily interest rate for the April-June quarter at 3 1/2% annual interest:

**1. Convert Annual Interest Rate to Decimal:**

* 3 1/2% = 3.5% = 0.035

**2. Calculate the Quarterly Interest Rate:**

* We need to find the quarterly interest rate that, when compounded four times, gives the annual rate.
* Quarterly Interest Factor: (1 + 0.035)^(1/4) ≈ 1.008682
* Quarterly Interest Rate: 1.008682 - 1 ≈ 0.008682

**3. Determine the Number of Days in the Quarter:**

* April: 30 days
* May: 31 days
* June: 30 days
* Total: 91 days

**4. Calculate the Daily Interest Rate:**

* We need to find the daily interest rate that, when compounded 91 times, gives the quarterly interest rate.
* Daily Interest Factor: (1 + 0.008682)^(1/91) ≈ 1.000095
* Daily Interest Rate: 1.000095 - 1 ≈ 0.000095

**5. Round to the Nearest Millionth:**

* 0.000095 = 95/1,000,000

**Answer:**

The daily interest rate for the April-June quarter is approximately 0.000095 or 95 millionths.