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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):
\[1762.14(1+ r/4)^{28}= 2248.95\]
OpenStudy (anonymous):
Err, I used a calculator and I got the value of O.5 % Approx. I'm not sure if that's the right answer. :-|
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