SOLUTION: What rate of interest to the nearest tenth of a percent compounded quarterly is needed for an investment of $1500 to grow to $2700 in 10 years?
I am not sure which formula to us
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Question 60735This question is from textbook
: What rate of interest to the nearest tenth of a percent compounded quarterly is needed for an investment of $1500 to grow to $2700 in 10 years?
I am not sure which formula to use: A=p(1+r)^t or A=P(1+r/4)^4t. I can not get either formula to work out correctly. Thank you for your help.
This question is from textbook
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
Hopefully, I got it right. I get 5.96% for answer
take the log base 10 of both sides
this says
so, I get 5.96% for the rate. Could have made a mistake, though
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