document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=83705>Question 83705</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 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?<BR>\n" );
document.write( "Everytime I work this problem, I get different solutions. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #60196 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=60196\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 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?<BR>\n" );
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document.write( "A(t) = P(1+r/n)^(nt)<BR>\n" );
document.write( "2400 1600(1+r/4)^(4*8)<BR>\n" );
document.write( "(3/2) = (1+r/4)^32<BR>\n" );
document.write( "1+r/4 = 1.01275...<BR>\n" );
document.write( "r/4 = 0.01275<BR>\n" );
document.write( "r = 0.051 or 5.1%<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H. </SPAN>\n" );
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