Hannah would like to make an investment that will turn 7500 dollars into 35000 dollars in 8 years. What quarterly rate of interest, compounded four times per year, must she receive to reach her goal?

some one please help

Question

Hannah would like to make an investment that will turn 7500 dollars into 35000 dollars in 8 years. What quarterly rate of interest, compounded four times per year, must she receive to reach her goal? 

some one please help

anonymous · Answer

theres an equation

anonymous · Answer

I get to a point and do not know what to do[A=P(1+\frac{ r }{n})^{t*n}\]

ganeshie8 · Answer

yes thats the formula to use

ganeshie8 · Answer

read the question agian,
it is asking u to find "quarterly interest"

ganeshie8 · Answer

so, u need to find out r/n

ganeshie8 · Answer

say, the quarterly interest rate = x :


$\large      A=P(1+x)^{t*n}$

ganeshie8 · Answer

plugin the known values and solve $x$

anonymous · Answer

ok

anonymous · Answer

know values is $$35000=7500(1+x)^{32}$$ this where I get suck what is next.

ganeshie8 · Answer

you may use logs, i would use wolfram : http://www.wolframalpha.com/input/?i=+35000+%3D+7500%281%2Bx%29%5E%284*8%29

anonymous · Answer

awesome thank you very much I liky that site

ganeshie8 · Answer

:) whats the interest u got ?

anonymous · Answer

I am not very good at math and needed all the help that I can get. with Math 371 for collage