document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=769244>Question 769244</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Find the required annual interest rate to the nearest tenth of a percent for $1400 to grow to $1700 if interest in compounded quarterly for 7 years. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #468722 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=468722\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Find the required annual interest rate to the nearest tenth of a percent for $1400 to grow to $1700 if interest in compounded quarterly for 7 years.<BR>\n" );
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document.write( "A(t) = P(1+(r/n))^(nt)<BR>\n" );
document.write( "1700 = 1400(1+(r/4))^(4*7)<BR>\n" );
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document.write( "(1 + (r/4))^28 = 17/14<BR>\n" );
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document.write( "1+(r/4) = (17/14)^(1/28) = 1.007<BR>\n" );
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document.write( "r/4 = 0.007<BR>\n" );
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document.write( "r = 0.028<BR>\n" );
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document.write( "rate = 2.8%<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
document.write( "================= </SPAN>\n" );
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