Quantcast

Got Homework?

Connect with other students for help. It's a free community.

  • across
    MIT Grad Student
    Online now
  • laura*
    Helped 1,000 students
    Online now
  • Hero
    College Math Guru
    Online now

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

jenniferg1996

Kathryn currently has an account balance of $2,248.95. She opened the account 7 years ago with a deposit of $1,762.14. If the interest compounds quarterly, what is the interest rate on the account?

  • one year ago
  • one year ago

  • This Question is Closed
  1. vipul92
    Best Response
    You've already chosen the best response.
    Medals 0

    interest=2248.95-1762.14=486.81 so interest= 486.81=1762.14*x/100 x=27.62

    • one year ago
  2. hmdp4
    Best Response
    You've already chosen the best response.
    Medals 0

    wait are you trying to find x? cuz i dont think that is the interest rate. the interest rate would be a percentage, right?

    • one year ago
  3. jenniferg1996
    Best Response
    You've already chosen the best response.
    Medals 2

    Yes it would be a percentage

    • one year ago
  4. vipul92
    Best Response
    You've already chosen the best response.
    Medals 0

    so 27.62%

    • one year ago
  5. hmdp4
    Best Response
    You've already chosen the best response.
    Medals 0

    because the intestest rate would be like ending amount minus starting amount divided by 7 years divided by 4(because theres 4 quarters in each year) and then we get a number. and whatever percentage that is from the starting amount is the annual percentage i think?

    • one year ago
  6. hmdp4
    Best Response
    You've already chosen the best response.
    Medals 0

    that doesnt equal the ending amount though.. because it's been 7 years and 4 quarters each year so 7*4 is 28 right? so according to your solved annual rate, we would multiply 28 * .2782 (because thats 27.82% as a decimal) and that result PLUS 1762.14 should give you 2248.95 but it doesn't..

    • one year ago
  7. jenniferg1996
    Best Response
    You've already chosen the best response.
    Medals 2

    The choices are:0.9%,3.5%,9.0%,and 14.2%

    • one year ago
  8. lisha20
    Best Response
    You've already chosen the best response.
    Medals 0

    yes

    • one year ago
    • Attachments:

See more questions >>>

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...

23

  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.