SOLUTION: You want to buy a new car in four years which will cost you $64000. If you have $50000 in your bank account now, how much is nominal interest rate (compounded annually) to reach yo

Question 1121082: You want to buy a new car in four years which will cost you $64000. If you have $50000 in your bank account now, how much is nominal interest rate (compounded annually) to reach your goal?
how is the answer 6.37%?
Answer by greenestamps(13198) (Show Source): You can put this solution on YOUR website!

I'm not sure what you mean when you ask how the answer is 6.37%. 6.37% gives the right result....

It's not exactly $64,000, because the "6.37%" is rounded to 3 significant figures.

Did you mean to ask how that number is obtained?
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