SOLUTION: An amount was invested at r% per quarter. What value of r will ensure that accumulated amount at the end of one year is 1.5 times more than amount invested? Correct to 2 decimal pl

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Question 1160788: An amount was invested at r% per quarter. What value of r will ensure that accumulated amount at the end of one year is 1.5 times more than amount invested? Correct to 2 decimal places.
Answer by greenestamps(13200) About Me  (Show Source):
You can put this solution on YOUR website!


%281%2Bx%29%5E4+=+1.5
1%2Bx+=+%281.5%29%5E%281%2F4%29 = 1.106682 to several decimal places

x+=+0.106682 = 10.67%, rounded to 2 decimal places