SOLUTION: What rate of interest, to the nearest tenth of a percent, compounded quarterly is need for an investment of $1600 to grow to $2400 in 8 years? Everytime I work this problem, I get

Question 83705: What rate of interest, to the nearest tenth of a percent, compounded quarterly is need for an investment of $1600 to grow to $2400 in 8 years?
Everytime I work this problem, I get different solutions.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
What rate of interest, to the nearest tenth of a percent, compounded quarterly is need for an investment of $1600 to grow to $2400 in 8 years?
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A(t) = P(1+r/n)^(nt)
2400 1600(1+r/4)^(4*8)
(3/2) = (1+r/4)^32
1+r/4 = 1.01275...
r/4 = 0.01275
r = 0.051 or 5.1%
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Cheers,
Stan H.
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