document.write( "Question 1154359: Austin is going to invest $470 and leave it in an account for 8 years. Assuming the interest is compounded quarterly, what interest rate, to the nearest hundredth of a percent, would be required in order for Austin to end up with $600? \n" ); document.write( "

Algebra.Com's Answer #776772 by ikleyn(52926) $\"\"$ $\"About$

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document.write( "600 = \r\n" );
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document.write( " = \r\n" );
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document.write( " = 1.276596\r\n" );
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document.write( "Take log base 10 from both sides\r\n" );
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document.write( "    32*log(1+r/4) = log(1.276596)\r\n" );
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document.write( "    log(1 + r/4) =  = 0.003314\r\n" );
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document.write( "     =  = 1.00766\r\n" );
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document.write( "    r/4 = 1.00766 - 1 = 0.00766\r\n" );
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document.write( "    r = 0.00766*4 = 0.03064 = 3.064% = 3.06% rounded as requested.  ANSWER\r\n" );
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