You have $1200 to invest in an account and need to have $1900 in one year. What interest rate would you need to have in order to reach this goal if the amount is compounded quarterly? Round your answer to the nearest percent.

Question

darkknight · Answer

$$P = I(1+r/n)^{nt}$$
You start with $1200 so plug that for I
n = 4 because compounded quarterly
P =  1900 bcuz thats how much u want to get
t - 1 because 1 year
plug and chug and solve for r

hhanan · Answer

so 1900=1200(1+4^41)