document.write( "Question 1159777: Rami decided to invest $9,000 in his account. After 16 years, the amount of money turned to be
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Algebra.Com's Answer #782851 by ikleyn(52874) $\"\"$ $\"About$

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document.write( "9000(1+r/4)^(16*4) = 17118\r\n" );
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document.write( "(1+r/4)^64 = 1.902\r\n" );
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document.write( "1 +  = 1.902^(1/64)\r\n" );
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document.write( "1 +  = 1.01\r\n" );
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document.write( " = 1.01 - 1 = 0.01\r\n" );
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document.write( "r = 0.04\r\n" );
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document.write( "ANSWER.  The nominal interest rate is 4% annually (rounded), for this compounded account.\r\n" );
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\n" ); document.write( "\n" ); document.write( "See the lessons\r
\n" ); document.write( "\n" ); document.write( " - Compounded interest percentage problems \r
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