document.write( "Question 1146561: You invested $9,000 in a savings deposit 7 quarters ago and it has grown to $9683 today. What nominal rate of annual interest (compounding quarterly) did you earn? (expressed as a percentage to two decimal places \n" ); document.write( "

Algebra.Com's Answer #767862 by VFBundy(438) $\"\"$ $\"About$

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9683 = 9000 * (1 + r/4)^7
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\n" ); document.write( "9683/9000 = (1 + r/4)^7
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\n" ); document.write( "1.07589 = (1 + r/4)^7
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\n" ); document.write( "(1.07589)^(1/7) = 1 + r/4
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\n" ); document.write( "1.01050 = 1 + r/4
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\n" ); document.write( "0.01050 = r/4
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\n" ); document.write( "4(0.01050) = r
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\n" ); document.write( "r = 0.0420
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\n" ); document.write( "The annual interest rate was 4.20%.
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