Question

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?

Answer 1

you familiar with compound interest formula ?

Answer 2

no

Answer 3

okay you need to use that formula to solve this problem

Answer 4

if you have notes for this module, ols check if you can find the formula

Answer 5

okay

Answer 6

it looks like this :

FV = P(1+r/n)^n*t


see if you can find it out in ur notes anyways :)

Answer 7

alright thank you :)

Answer 8

hmm you found the formula... figured out how to solve.... . ?