Question

Noah currently has an account balance of $2,976.45. He opened the account 11 years ago with a deposit of $1,963.45. If the interest compounds quarterly, what is the interest rate on the account?

1.0%

3.8%

11.2%

15.4%

Answer 1

do u know how to solve the problem at all?

Answer 2

no idea

Answer 3

ok so do 11 * 1,963.45 * x = 2,976.45

Answer 4

x would be
1.0%

3.8%

11.2%

15.4%

one of those choices

Answer 5

i got 13.78 :( not a choice

Answer 6

try out all of the choices in the equation until you find the answer of 2,976,45

Answer 7

none of them work. 11.2 is too small and 15.4 is too big

Answer 8

yea i just found tht out too

Answer 9

are you sure you have the right numbers?

Answer 10

thats copy n pasted right from the test

Answer 11

hmm well thts weird

Answer 12

oh ok i think ik wht i did wrong, i didnt read the question correctly it says tht the interest is quarterly, idk if tht makes a difference tho

Answer 13

it might, but i dont know how to change the equation to involve that

Answer 14

i dont either but hold on, i think i can get it

Answer 15

okay

Answer 16

ok this is fustrating me, the answer seems so obvius but idk wht it is

Answer 17

thats how i feel! even guess-n-check doesnt work

Answer 18

well whts the closest answer?

Answer 19

there isnt one. 13.78 is correct but there isnt one close to it.

Answer 20

i would say try 11.2% but i dont want u to get it wrong

Answer 21

i guess ill go with that, ill ask after the test

Answer 22

ok and sorry i couldnt help

Answer 23

its okay, thank you!

Answer 24

your welcome

Answer 25

@texaschic101

Answer 26

3.8% is your answer

Answer 27

hoe did you find that?

Answer 28

how

Answer 29

I kinda cheated and used this calculator....
http://www.1728.org/compint.htm

Answer 30

dang! wish i would have found that earlier! lol, thanks so much!

Answer 31

its ok....I didn't really help much.....cheating is not helping. Oh well.....