anonymous
  • anonymous
if $300 is deposited in an account and it increases to $450 in eight years compounded quarterly. find the rate of interest to the nearest tenth
Mathematics
schrodinger
  • schrodinger
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

Get this expert

answer on brainly

SEE EXPERT ANSWER

Get your free account and access expert answers to this
and thousands of other questions

anonymous
  • anonymous
A(t) = S * (1+P)^Y S= starting amount A = current Amount P = rate Y = amount of times Y =32 A(t) = 450 S = 300 Therefore P = (A(t)/S)^1/Y - 1 = 0.0127513991 or 1.275%
anonymous
  • anonymous
that's per quarter btw :D For year: 5.10 %

Looking for something else?

Not the answer you are looking for? Search for more explanations.