document.write( "Question 980975: find the required interest rate to the nearest tenth of a percent for $1200 to grow to $1900 if the interest is compounded quarterly for 7 yr \n" ); document.write( "
Algebra.Com's Answer #602020 by Boreal(15235)\"\" \"About 
You can put this solution on YOUR website!
A=P{1+r/n)}^nt; you divide the interest into 4 parts per year and it is compounded 28 times\r
\n" ); document.write( "\n" ); document.write( "1900=1200{1+r/4}^28
\n" ); document.write( "divide both sides by 1200
\n" ); document.write( "I will round but don't do it on the calculator.
\n" ); document.write( "1.5833=(1+r/4)^28
\n" ); document.write( "take ln of both sides
\n" ); document.write( "0.4595=28 ln (1+r/4); divide both sides by 28
\n" ); document.write( "0.01641=ln (1+r/4)
\n" ); document.write( "raise both to the e power
\n" ); document.write( "1.01654=1+r/4
\n" ); document.write( "0.01654=r/4
\n" ); document.write( "r=4.1%
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