SOLUTION: Find the required annual interest rate to the nearest tenth of a percent for $1100 to grow to 1700 if interest is compounded quarterly by 7 years.

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Question 859983: Find the required annual interest rate to the nearest tenth of a percent for $1100 to grow to 1700 if interest is compounded quarterly by 7 years.
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
1700=1100%281%2Bi%29%5E%284%2A7%29
%281%2Bi%29%5E28=1.5454
1%2Bi=1.01567
i=.01567 Quarterly interest
i%5Ba%5D=4i=4%280.01567%29=4.062
i%5Ba%5D=4.1