Question

Please help me
Will medal

If $5700 is invested in a savings account for which interest is compounded quarterly, and if the $5700 turns into $6600 in 4 years what is the interest rate of the savings account?
A 14.93%
B 4.92%
C 3.68%
D 7.40%

Answer 1

@SolomonZelman

Answer 2

@Directrix

Answer 3

@Nnesha

Answer 4

@jim_thompson5910

Answer 5

Solve for r
\[\Large A = P\left(1+\frac{r}{n}\right)^{nt}\]
\[\Large 6600 = 5700\left(1+\frac{r}{4}\right)^{4*4}\]
\[\Large 6600 = 5700\left(1+\frac{r}{4}\right)^{16}\]
\[\Large \frac{6600}{5700} = \left(1+\frac{r}{4}\right)^{16}\]
\[\Large \frac{22}{19} = \left(1+\frac{r}{4}\right)^{16}\]
\[\Large \left(\frac{22}{19}\right)^{1/16} = 1+\frac{r}{4}\]
I'll let you finish up

Answer 6

3.68% right @jim_thompson5910

Answer 7

correct

Answer 8

Thanks

Answer 9

np