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OpenStudy (anonymous):
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?
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OpenStudy (anonymous):
" interest compounds quarterly" Same formula with i = r/4 and nt = 4 t
OpenStudy (anonymous):
Yeah but in this one I have to look for the Interest rate
OpenStudy (anonymous):
$2,248.95/ $1,762.14 = ( 1 + r/4 ) ^28 Exponent both by 1/28:
OpenStudy (anonymous):
* both sides
OpenStudy (anonymous):
3.5%
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OpenStudy (anonymous):
Does the rate make sense to you?
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