document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1035056>Question 1035056</A>: <I><SPAN STYLE=\"word-break: break-all;\"> If 2000 dollars invested in a bank account for 9 years, compounded quarterly, amounts to 2712.45 dollars, what is the interest rate paid by the account?\r<BR>\n" );
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document.write( "NOTE: Give your answer to the nearest percent </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #649679 by </B><A HREF=/tutors/aboutme.mpl?userid=addingup><B>addingup(3677)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=addingup><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/cgi-bin/show-face.mpl?user=addingup><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=649679\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> PV = present value<BR>\n" );
document.write( "i = rate of interest per period<BR>\n" );
document.write( "n = number of periods<BR>\n" );
document.write( "t = number of years<BR>\n" );
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document.write( "FV = PV·(1+i/n)^nt<BR>\n" );
document.write( "2712.45 = 2000(1+i/4)^4*9<BR>\n" );
document.write( "2712.45/2000 = (1+i/4)^36<BR>\n" );
document.write( "(1+i/4) = (2712.45/2000)^(1/36)<BR>\n" );
document.write( "1+i/4 = <BR>\n" );
document.write( "1+i/4 = 1.0085<BR>\n" );
document.write( "i/4 = 0.0085<BR>\n" );
document.write( "i = 0.034 or 3.4% </SPAN>\n" );
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