Question 60735
Hopefully, I got it right. I get 5.96% for answer
{{{A=P(1+r/4)^(4t)}}}
{{{2700 = 1500(1 + (r/4))^40}}}
{{{2700/1500 = (1 + (r/4))^40}}}
{{{1.8 = (1 + (r/4))^40}}}
take the log base 10 of both sides
{{{log(10,1.8) = 40*log(10,(1 + (r/4)))}}}
{{{.2553 =  40*log(10,(1 + (r/4)))}}}
{{{.2553 / 40 = log(10, ((4+r)/4))}}}
{{{.2553 / 40 = log(10,(4+r)) - log(10,4)}}}
{{{.00638 = log(10,(r+4)) - .6021}}}
{{{.60848 = log(10,(r+4))}}}
this says
{{{10^.60848 = r + 4}}}
{{{4.05957 = r + 4}}}
{{{r = .0596}}}
so, I get 5.96% for the rate. Could have made a mistake, though