document.write( "Question 972811: Find the interest rate necessary for a present value of $28,955 to grow to a future value of $33,925.40 if interest is compounded quarterly for two years \n" ); document.write( "

Algebra.Com's Answer #595041 by Alan3354(69443) $\"\"$ $\"About$

You can put this solution on YOUR website!
Find the interest rate necessary for a present value of $28,955 to grow to a future value of $33,925.40 if interest is compounded quarterly for two years
\n" ); document.write( "-----------
\n" ); document.write( "--> 8 compounding periods
\n" ); document.write( "33925.40 = 28955*(1 + r)^8
\n" ); document.write( "(1 + r)^8 = 1.17165947
\n" ); document.write( " $\"1+%2B+r+=+root%288%2C1.17165947%29+=+1.02\"$
\n" ); document.write( "--> 2% per period
\n" ); document.write( "= 8% per year
\n" ); document.write( " \n" ); document.write( "

\n" );