document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=976339>Question 976339</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Find the interest rate for the following deposit and compound amount.  $8,000.00 deposit accumulating to $10,642.92 compounded quarterly for 5 years.  Round to hundredths of a percent. \r<BR>\n" );
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document.write( "Please solve.  Thank you. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #597981 by </B><A HREF=/tutors/aboutme.mpl?userid=lwsshak3><B>lwsshak3(11628)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=lwsshak3><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=597981\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Find the interest rate for the following deposit and compound amount. $8,000.00 deposit accumulating to $10,642.92 compounded quarterly for 5 years. Round to hundredths of a percent. <BR>\n" );
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document.write( "Compound Interest Formula: A=P(1+r/n)^nt, P=initial investment, r=interest rate, n=number of compounding period per year, A=amt after t-years.<BR>\n" );
document.write( "For given problem:<BR>\n" );
document.write( "P=8000<BR>\n" );
document.write( "r=interest rate<BR>\n" );
document.write( "n=4<BR>\n" );
document.write( "t=5<BR>\n" );
document.write( "A=10642.92<BR>\n" );
document.write( "..<BR>\n" );
document.write( "10642.92=8000(1+r/4)^4*5<BR>\n" );
document.write( "10642.92/8000=(1+r/4)^20<BR>\n" );
document.write( "raise both sides by (1/20)<BR>\n" );
document.write( "1.014375=1+r/4<BR>\n" );
document.write( "r/4=0.014375<BR>\n" );
document.write( "r=.0575=5.75% </SPAN>\n" );
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