https://file.aiquickdraw.com/mathbot/file/1727965589157exbtttn6.jpg

Let's break down and solve the two parts of this interest rate problem based on the information provided in the image.

### 1. Interest Rate Over a Period of 10 Years:
The interest rate is given as **4% per year**. Over 10 years, the total interest rate would simply be:
\[
\text{Interest Rate for 10 years} = 4\% \times 10 = 40\%
\]
Thus, the interest rate over a period of 10 years is **40%**.

### 2. Interest Rate Per Month:
The problem also asks for the monthly interest rate, given that the annual interest rate is 4% and assuming a month is exactly $ \frac{1}{12} $ of a year. To find the monthly rate, we divide the annual interest rate by 12:
\[
\text{Monthly Interest Rate} = \frac{4\%}{12} = \frac{4}{12} = 0.3333\%
\]
So, the interest rate per month is **0.3333%**.

### Final Answers:
1. Interest rate over 10 years: **40%**
2. Interest rate per month: **0.3333%**

Would you like further details or explanations on these calculations?

Here are 5 related questions to expand your understanding:
1. What is the total interest earned on an investment of $1000 over 10 years at 4% interest per year?
2. How does compound interest affect the total interest earned over 10 years?
3. What is the effective annual rate if interest is compounded monthly at a rate of 0.3333% per month?
4. How would the interest rate change if the rate were compounded quarterly instead of annually?
5. What happens to the monthly interest rate if the annual rate increases to 5%?

**Tip:** When converting an annual interest rate to a monthly rate, always divide by 12, but make sure to clarify whether simple or compound interest applies.

The interest rate of a savings account at a bank is 4% per year. What is the interest rate over a period of 10 years? What is the interest rate per month?

Calculate the simple interest rate for a savings account with an annual rate of 4%. Learn how to compute the interest rate over 10 years (40%) and per month (0.3333%). This guide is ideal for students in Grades 6-8 and anyone learning about basic interest rate calculations.

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